Freeport-McMoRan: Strong Q1 Beat and Constrained Supply Outlook Underscore Buy Rating and $81 Target

In a report released yesterday, Lawson Winder from Bank of America Securities maintained a Buy rating on Freeport-McMoRan, with a price target of $81.00.

Lawson Winder has given his Buy rating due to a combination of factors, starting with Freeport-McMoRan’s stronger-than-expected first-quarter 2026 results, where EBITDA, earnings, and free cash flow all surpassed both his and market forecasts on the back of higher volumes and lower unit costs. He also notes that the company’s leaching initiatives are steadily lifting copper output, while buybacks have resumed, signaling confidence in the balance sheet and cash generation.

At the same time, Winder acknowledges the Grasberg ramp-up delay and the related reductions in medium-term copper and gold sales guidance, as well as higher 2026 unit cash cost expectations. However, he believes this constrained supply outlook actually reinforces a constructive copper price environment, and views FCX as one of the strongest large-cap vehicles to gain exposure to that upside, supporting his Buy rating and $81 price objective despite near-term operational setbacks.

In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $75.00 price target.

FCX’s price has also changed dramatically for the past six months – from $41.230 to $61.480, which is a 49.11% increase.