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247 Wall St. · United States · Grasberg mudflow kills seven and forces Freeport to cut 2026 copper guidance by 300 million pounds; the $2bn smelter advances despite reduced feed
Reports Morgan Stanley's downgrade to Equal Weight and a price target cut to $66 following the Grasberg guidance revision. Analyst frames the question as whether the copper super-cycle thesis still holds when the world's highest-grade copper-gold mine is running at 65% and the recovery timeline is uncertain.
“Morgan Stanley downgrades Freeport-McMoRan as Grasberg runs at 65% capacity, questioning whether the copper super-cycle thesis survives the mine delay.”