Freeport-McMoRan, the Basic Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Lawson Winder from Bank of America Securities reiterated a Buy rating on the stock and has a $50.00 price target.
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Lawson Winder has given his Buy rating due to a combination of factors that suggest a positive outlook for Freeport-McMoRan. The company is taking steps to restore production at its Grasberg operations in Indonesia after a recent incident, and while 2026 production levels are expected to be below previous guidance, the shortfall is partially offset by increased output in other regions. Additionally, the company’s capital expenditure guidance for 2025-26 has been reduced by $0.8 billion, alleviating investor concerns about potential cost increases.
Moreover, Freeport-McMoRan’s updated production guidance for 2027-29 aligns closely with market consensus, indicating stability in future output. The recent underperformance of FCX shares, which have declined by 16% despite a 9% increase in copper prices, presents an attractive buying opportunity. Winder is optimistic about the long-term prospects for copper, forecasting a significant price increase by 2027, which further supports the Buy rating for FCX.
In another report released yesterday, Raymond James also maintained a Buy rating on the stock with a $45.00 price target.