Goldman Sachs starts Freeport-McMoRan at Buy, sees higher commodity prices

Goldman Sachs initiated coverage of Freeport-McMoRan (FCX) with a Buy rating and $70 price target The company offers best-in-class exposure to structural deficits in the copper market, with supplemental gold exposure, the analyst tells investors in a research note. The firm also notes that both macro and geopolitical tailwinds should continue to support higher long-term commodity prices, which should result in increased profitability for Freeport-McMoRan, adding that the company’s production volumes are at an inflection point which will compound its profitability in a higher price environment.