Bernstein upgrades rating on Freeport McMoRan to 'outperform'

** Shares of copper miner Freeport McMoRan FCX rise 1% to $38.03 premarket

** Bernstein upgrades rating on FCX to "outperform" from "market perform"

** However, brokerage lowers price target to $48.5 from $50.5; new PT still reflects a ~29% upside to the stock's last close

** Brokerage says lowered guidance provided by FCX on Tuesday must be considered with wide error bars

** "We believe investors have overly punished FCX" - brokerage

** Bernstein says current copper prices are fairly priced and adds it believes FCX can outperform over the next 12 months

** 13 of 22 brokerages rate the stock "buy" or higher, 9 "hold"; their median PT is $48- data compiled by LSEG

** Up to last close, stock down 1% YTD