Bernstein upgrades rating on Freeport McMoRan to 'outperform'

Shares of copper miner Freeport McMoRan FCX.N rise 1% to $38.03 premarket

Bernstein upgrades rating on FCX to "outperform" from "market perform"

However, brokerage lowers price target to $48.5 from $50.5; new PT still reflects a ~29% upside to the stock's last close

Brokerage says lowered guidance provided by FCX on Tuesday must be considered with wide error bars

"We believe investors have overly punished FCX" - brokerage

Bernstein says current copper prices are fairly priced and adds it believes FCX can outperform over the next 12 months

13 of 22 brokerages rate the stock "buy" or higher, 9 "hold"; their median PT is $48- data compiled by LSEG

Up to last close, stock down 1% YTD