UPDATE: Morgan Stanley Reiterates on Freeport-McMoRan Copper & Gold on Near-Term Headwinds

In a report published Friday, Morgan Stanley analyst Paretosh Misra reiterated an Overweight rating on

, but lowered the price target from $43.00 to $40.00. In the report, Morgan Stanley noted, “We see NT risks from falling copper premiums, little clarity on Indonesian export ban & slow progress in unlocking value in energy. Our early take on 1Q is that EPS could be near $0.25. We expect a stronger 2H on a decline in copper stockpiles (to June 2008 low) & possible resolution in Indonesia.” Freeport-McMoRan Copper & Gold closed on Thursday at $30.64.