$FCX - On our trading list. Downgraded today based on valuation. Currently we have no opinion on this one, just watching/waiting for an opportunity.Credit Suisse analyst Curt Woodworth downgraded Freeport McMoRan to Underperform from Neutral with a price target of $10, down from $11The company "lacks valuation support" given mid-cycle EBITDA and the copper production reset "sharply lower" in 2023, Woodworth tells investors in a research note. Unlike aluminum, copper has much less cost support in a downturn and faces "sharply higher" supply-side risks in 2021 through 2023, contends the analyst. He cites valuation and his copper surplus view for the downgrade of Freeport to Underperform. $FCX, Freeport-McMoRan, Inc. / H1 Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page