Freeport-McMoRan price target lowered to $48 from $52 at Scotiabank

Scotiabank lowered the firm’s price target on Freeport-McMoRan (FCX) to $48 from $52 and keeps a Sector Perform rating on the shares. The majority of miners are expected to release their upcoming 2025 operating guidance over the next few weeks ahead of Q4 financial reporting, the analyst tells investors. The firm expects that despite near-term commodity price risk due to economic uncertainty in China and ex-China markets, 2025 should be a relatively solid year for most miners driven by higher output and improved cash costs.