Scotiabank Cuts Freeport-McMoRan (NYSE:FCX) Price Target to $67.00

Key Points

• Scotiabank cut its price target on Freeport-McMoRan (NYSE:FCX) to $67 from $71, kept a "sector perform" rating, and forecasted FY2026 EPS of $2.36 and FY2027 EPS of $2.44—implying roughly a 9.2% upside from the current share price.
• FCX beat Q1 EPS expectations ($0.57 vs. ~$0.47) but disclosed a ~300 million‑pound reduction in 2026–2027 copper sales due to a slower Grasberg ramp, which prompted an approximately 10% intraday share drop despite the earnings beat.
• Analysts remain divided—price targets range from the mid‑$60s up to $76 with a MarketBeat consensus of "Moderate Buy" and an average target of $65.66—while notable insider selling and ~80.8% institutional ownership were reported.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective reduced by stock analysts at Scotiabank from $71.00 to $67.00 in a research report issued to clients and investors on Friday,MarketScreener reports. The brokerage currently has a "sector perform" rating on the natural resource company's stock. Scotiabank's price objective points to a potential upside of 9.19% from the company's current price. Scotiabank also issued estimates for Freeport-McMoRan's FY2026 earnings at $2.36 EPS and FY2027 earnings at $2.44 EPS.

Several other research firms have also issued reports on FCX. Raymond James Financial lowered their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a research note on Friday. HSBC increased their price objective on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. Morgan Stanley reaffirmed an "equal weight" rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday. Finally, Argus raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.66.

Freeport-McMoRan Stock Performance

FCX traded down $0.12 during midday trading on Friday, hitting $61.36. 3,672,660 shares of the company were exchanged, compared to its average volume of 19,804,770. The company's 50 day simple moving average is $62.50 and its 200 day simple moving average is $53.64. The firm has a market capitalization of $88.19 billion, a price-to-earnings ratio of 40.68, a price-to-earnings-growth ratio of 0.81 and a beta of 1.48. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan has a 1-year low of $34.45 and a 1-year high of $70.96.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $6.40 billion. During the same period last year, the firm earned $0.24 EPS. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the sale, the chief financial officer directly owned 79,894 shares of the company's stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the sale, the chief accounting officer directly owned 40,773 shares of the company's stock, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 565,145 shares of company stock valued at $35,839,918. Corporate insiders own 0.75% of the company's stock.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently modified their holdings of the company. Pinnacle Bancorp Inc. lifted its position in shares of Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock worth $118,000 after purchasing an additional 147 shares during the last quarter. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying an additional 150 shares during the last quarter. Essex Bank raised its holdings in shares of Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after buying an additional 163 shares during the last quarter. Leo Wealth LLC raised its holdings in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock valued at $347,000 after buying an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company's stock valued at $1,098,000 after buying an additional 175 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Freeport-McMoRan

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

• Positive Sentiment: Q1 EPS and revenue beat estimates (EPS $0.57 vs. ~$0.47 consensus) driven by higher copper, gold and molybdenum prices, supporting near-term profitability. Article Title
• Positive Sentiment: Commodity tailwinds: rising copper prices were a key driver of the beat and underpin medium-term cash flow expectations for FCX. Article Title
• Positive Sentiment: Upgraded analyst views and higher price targets ahead of the quarter (e.g., Deutsche Bank raised its target), supporting longer-term bullish thesis. Article Title
• Neutral Sentiment: Company released Q1 presentation, press release and full earnings call transcript — useful for modeling but not market-moving by itself. Article Title
• Neutral Sentiment: Full earnings call transcripts are available for deeper read on management commentary and timeline for Grasberg ramp. Article Title
• Negative Sentiment: Company cut 2026 (and 2027) copper sales volume by ~300 million pounds due to a slower-than-expected ramp at Grasberg after last year’s fatal mud rush — this materially reduces near-term supply and revenue outlook. Article Title
• Negative Sentiment: Market reaction: shares plunged (~10% intraday reported) after the production downgrade despite the earnings beat — the production miss dominates near-term valuation. Article Title
• Negative Sentiment: Analyst downward revisions: some firms (e.g., Scotiabank) trimmed earnings estimates following the weaker output outlook, adding pressure to near-term sentiment and target-price revisions. Article Title

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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