Analyst Katja Jancic of BMO Capital maintained a Buy rating on Freeport-McMoRan (FCX – Research Report), retaining the price target of $50.00.
Katja Jancic’s rating is based on a combination of factors that highlight Freeport-McMoRan’s strategic positioning and operational performance. The company has provided an operational update for the first quarter of 2025, indicating that copper sales are expected to align with previous guidance. Although there is a timing issue affecting gold sales, resulting in a temporary shortfall, this is largely offset by the higher realized prices for copper due to COMEX exposure.
Furthermore, Freeport-McMoRan has resumed exporting copper concentrate in Indonesia following the extension of its export license, which supports its sales outlook for the year. The company’s exposure to the COMEX premium positions it well to benefit from favorable copper pricing trends. Despite a slight adjustment in EBITDA estimates, the overall risk/reward profile for Freeport-McMoRan shares appears attractive for investors seeking exposure to the copper market, which has a positive long-term supply and demand outlook.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $44.00 price target.