BMO Capital lowered the firm’s price target on Freeport-McMoRan (FCX) to $50 from $54 but keeps an Outperform rating on the shares after its Q4 results. Elevated capex spending in 2025/26 is a headwind, albeit it is driven by higher discretionary spending, the analyst tells investors in a research note. BMO adds that the company has made no changes to the growth pipeline, also noting that its unit cash costs in North America are finally starting to drift lower.
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