BofA lowered the firm’s price target on Freeport-McMoRan (FCX) to $56 from $60 and keeps a Buy rating on the shares after the company reported Q4 results and updated guidance for 2025-27, lowering its 2025 copper sales guidance 5% to 4.0B pounds, driven by reduced operating rates at Grasberg and lower grades at Cerro Verde. As a result, the firm’s 2025 EBITDA and EPS estimates decreased 10% and 17% to $10.0B and $1.44, respectively, the analyst noted.
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