The downgrade by Scotiabank from Sector Outperform to Sector Perform suggests a less optimistic view on Freeport-McMoRan's stock performance, which is likely to negatively impact investor sentiment. The $52 price target indicates limited upside potential. Additionally, the announcement of potential delays in copper production at the Manyar Smelter in Indonesia could affect the company's revenue and operational efficiency, further contributing to the negative outlook.