Shares of U.S.-based mining company Freeport-McMoRan (NYSE:FCX) fell 2.20% to $50.21 on Monday after Scotiabank downgraded its rating on the stock to "sector perform" from "sector outperform."
The brokerage said that while FCX shares have outperformed copper prices in September, there is a lack of obvious near-term catalysts for the stock.
Additionally, Scotiabank noted that Freeport-McMoRan has a challenged near-term growth profile and only modest free-cash flow generation ahead.
Despite the downgrade, 16 of 23 brokerages rate the stock "buy" or higher, 7 "hold"; with the median price target set at $55 - according to LSEG data.
Including Monday's moves, FCX shares are up 17.97% year-to-date