Freeport-McMoRan price target raised to $64 from $55 at Wells Fargo

Wells Fargo raised the firm’s price target on Freeport-McMoRan (FCX) to $64 from $55 and keeps an Overweight rating on the shares. Heading into 2026, the firm expects another strong year for copper and aluminum, supported by limited new supply especially in the first half of the year. Wells doesn’t expect a reversal of Trump’s 50% tariffs on imported steel and aluminum, although midyear could see some modest concessions as part of USMCA negotiations, still keeping U.S. prices high. With that said, the firm acknowledges that “demandless recovery” and substitution are risks.