Copper MarketThe copper market is expected to move into a growing deficit in 2026, resulting in a sustainably higher copper price.
Market ConfidenceThe analyst upgrades Freeport McMoRan (FCX) to Buy from Neutral, maintaining a price objective of $42 per share, which implies a 13% potential upside.
Stock ValuationFreeport-McMoRan's stock is seen as undervalued, with potential for a gradual re-rating as Grasberg's operations normalize.