#3 - Freeport-McMoRan (NYSE:FCX)
Market timing is always a risky proposition. Investors that were bidding up electric vehicle (EV) stocks found that out the hard way. However, that doesn’t mean the longer-term effort toward decarbonizing won’t stay in effect. It’s becoming good business. And this is particularly true for companies involved in mining metals such as Freeport-McMoRan (NYSE: FCX).
The metal of particular interest in Freeport-McMoRan’s case is copper, which is expected to see robust demand. Copper usage has already increased significantly as industrial and construction activity has picked up as the economy reopens. If Congress can manage to pass an infrastructure bill, Freeport-McMoRan would stand to be one of the largest beneficiaries.
An analyst from Bank of America (NYSE: BAC) recently initiated coverage on FCX stock and gave it a buy rating. The bullish outlook was based, in part, on a belief in the company’s ability to increase copper output by 34% through 2028. Although he refrained from issuing a price target, the consensus target is for FCX stock to grow by 17% in the next 12 months.
About Freeport-McMoRan
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
Read More - Current Price
- $50.45
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $50.07 (0.8% Downside)
