10:59 AM EDT, 04/24/2026 (MT Newswires) -- Freeport-McMoRan (FCX) is facing a slower production ramp-up and a temporary increase in costs at its Grasberg Block Cave mine in Indonesia, which may weigh on the company's shares, Morgan Stanley said in a note Friday.

The investment bank noted, however, that the long-term prospects of the Indonesian mine remain unchanged.

Morgan Stanley updated its estimates for the company following its Q1 results and now expects EBITDA of $2.44 billion in Q2, up 11% versus the previous forecast, $11.37 billion in 2026, down 10%, and $14.69 billion in 2027, down 13%, as well as $16.04 billion in 2028, a decrease of 3%.

The investment firm said its EBITDA forecasts for 2026 to 2028 are 14% to 20% below the Visible Alpha consensus estimates.

Morgan Stanley downgraded Freeport-McMoRan to equal-weight from overweight and cut the price target to $66 from $70.

Freeport-McMoRan shares were up 0.6% in Friday trading.

Price: 61.67, Change: +0.19, Percent Change: +0.31