Morgan Stanley Maintains Overweight on Freeport-McMoran

Morgan Stanley is out with its report today on Freeport-McMoran (NYSE: FCX), maintaining Overweight.

In its report, Morgan Stanley writes, "We see increased risk in our Overweight call on FCX, but view the safe dividend (until at least $2.50/lb copper) and strong balance sheet as key differences from 2008. Copper's recent resilience is driven by fundamentals. We see support at ~$3.00/lb, assuming a DM recession."

Morgan Stanley maintains a $65 PT on FCX.

At the time of posting, shares of FCX were trading pre-market at $43.20, up 3.00% from Friday's close.