Morgan Stanley raises Freeport-McMoRan rating

Morgan Stanley on Tuesday raised its rating on Freeport-McMoRan Copper & Gold Inc.to "overweight" from "equal-weight," saying it thinks the gold and copper miner has the best cost structure in the industry and should benefit from improving fundamentals.

The raise in rating comes up at the day the company announces to have received a grand jury subpoena for documents in connection with an antitrust investigation of the copper concentrate industry.

Freeport McMoRan operates huge copper and gold mine in the province of Papua through subsidiary PT. Freeport Indonesia. (alex)