Analyst Carlos De Alba of Morgan Stanley maintained a Buy rating on Freeport-McMoRan, retaining the price target of $46.00.
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Carlos De Alba has given his Buy rating due to a combination of factors, primarily centered around Freeport-McMoRan’s strategic operational developments and favorable market conditions. The company has successfully restarted operations at key mining sites, Big Gossan and Deep MLZ Mines, which contribute significantly to its output in Indonesia. This move aligns with the company’s earlier plans and signals a positive trajectory for production capabilities.
Moreover, the phased restart of the Grasberg Block Cave is scheduled to begin in 2026, which is expected to enhance production further. The company’s proactive approach in addressing safety and operational recommendations from the Indonesian government also supports a positive outlook. These strategic initiatives, coupled with a robust reserve life and a favorable market environment, underpin Carlos De Alba’s optimistic Buy rating for Freeport-McMoRan.
According to TipRanks, De Alba is a 5-star analyst with an average return of 13.8% and a 54.70% success rate. De Alba covers the Basic Materials sector, focusing on stocks such as Freeport-McMoRan, Teck Resources, and Alcoa.
In another report released on October 24, Raymond James also maintained a Buy rating on the stock with a $46.00 price target.