Morgan Stanley upgrades Freeport-McMoRan to 'overweight' rating

** Morgan Stanley upgrades U.S. copper miner Freeport-McMoRan FCX.N to "overweight" from "equal-weight" rating saying FCX to benefit from tariffs on majority of U.S. sales

** Brokerage expects that FCX will be able to raise pricing in its annual copper rod contracts for 2026, which account for the majority of the company's North America sales volumes

** Fifteen of 22 brokerages rate the stock "buy" or higher, seven "hold"; their median PT is $52.50, according to data compiled by LSEG

** Including session's moves, stock up ~9.1% YTD