Freeport-McMoRan initiated with an Overweight, named Top Pick at Wells Fargo

Wells Fargo initiated coverage of Freeport-McMoRan (FCX) with an Overweight rating and $47 price target as part of a broader research note launching firm coverage on Mining names. The firm anticipates a tight 2026 copper mkt as a result of production disappointments from large mines, including QB2, Kamoa-Kakula, and Grasberg, the analyst tells investors in a research note. While Freeport-McMoRan recently warned of lower output at its key Grasberg mine, Wells Fargo is looking past the disruption and find an attractive entry point, with higher commodity prices helping offset lost output, the firm added.