is in the spotlight after Anthony Young of Macquarie hiked his price target to $13 per share from the previous $9, citing Freeport-McMoRan's levered exposure to copper, which his firm thinks will trade for $2.43 per pound in 2017 and $2.13 per pound in 2018. Young also expects Freeport-McMoRan to come to an understanding with the Indonesian government to allow the company to export its commodities from the country. The analyst has an 'Outperform' rating on the stock. Despite the price target hike, shares of Freeport are in the red today due to lower crude prices. Of the 749 elite funds we track, 30 funds owned $1.52 billion of Freeport-McMoRan Inc (NYSE:FCX) and accounted for 10.90% of the float on June 30, versus 34 funds and $1.59 billion respectively on March 31.