Bank of America Raises Freeport-McMoRan (NYSE:FCX) Price Target to $80.00

Key Points

• Bank of America raised its price target on Freeport-McMoRan to $80 from $74 and kept a buy rating, implying about 39% upside from the prior close.
• Other analysts remain generally constructive on FCX, with recent bullish calls from firms like Barclays, UBS, and Deutsche Bank, though some targets were trimmed by Wells Fargo and Weiss Ratings downgraded the stock to hold.
• The company’s latest earnings beat expectations, with EPS of $0.57 and revenue of $6.23 billion, while the stock was trading at $57.45 and had institutional ownership of 80.77%.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price raised by Bank of America from $74.00 to $80.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the natural resource company's stock. Bank of America's price objective indicates a potential upside of 39.26% from the stock's previous close.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company decreased their price target on Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Barclays began coverage on shares of Freeport-McMoRan in a research note on Thursday, May 21st. They set an "overweight" rating and a $77.00 price objective on the stock. Weiss Ratings lowered shares of Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, UBS Group boosted their price target on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $68.63.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $57.45 on Thursday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $63.71 and a 200-day simple moving average of $61.58. The company has a market cap of $82.58 billion, a PE ratio of 30.56, a P/E/G ratio of 0.61 and a beta of 1.37. Freeport-McMoRan has a 12-month low of $35.15 and a 12-month high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same period last year, the firm earned $0.24 EPS. The firm's revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoRan will post 2.59 EPS for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Several large investors have recently made changes to their positions in FCX. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan during the first quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $29,000. Finally, Financial Life Planners acquired a new position in Freeport-McMoRan in the first quarter worth approximately $34,000. Institutional investors own 80.77% of the company's stock.

Key Stories Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Scotiabank raised its FY2026 EPS estimate for Freeport-McMoRan to $3.01 from $2.60, well above the current consensus of $2.59, while maintaining a Sector Outperform rating and a $77 price target.
• Positive Sentiment: Morgan Stanley lifted its price target on FCX to $70 from $66, reinforcing the view that the stock still has meaningful upside from current levels.
• Positive Sentiment: Articles focused on copper demand highlighted strong fundamentals from electrification, grid expansion, and data center growth, which support Freeport-McMoRan’s core copper business even as supply remains tight.
• Neutral Sentiment: Freeport-McMoRan declared a $0.15 per share cash dividend, which may attract income investors, but the headline was mostly framed as a valuation question rather than a clear catalyst. Freeport-McMoRan (FCX) Declared A Cash Dividend, Is It Still 19% Undervalued?
• Negative Sentiment: Reports noted output pressure at the key Grasberg mine, which could weigh on near-term production and raise concern about supply execution. Freeport McMoran (FCX) Faces Grasberg Output Pressure As Copper Demand Stays Strong
• Negative Sentiment: Recent commentary also suggested broader commodity forecasters are turning more cautious on metals, which could cap enthusiasm for FCX if copper prices soften.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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