Argus raised the firm’s price target on Freeport-McMoRan (FCX) to $54 from $44 and keeps a Buy rating on the shares. The firm believes that copper demand should remain elevated over the intermediate term given global growth in electrification initiatives. The stock’s fundamental valuation is also “attractive” as it is trading at 24-times the firm’s 2025 EPS estimate, below the average for a peer group that includes Newmont Mining (NEM) and Barrick Gold (GOLD), the analyst tells investors in a research note.
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- Freeport-McMoRan price target raised to $48 from $46 at Deutsche Bank
- Freeport-McMoRan price target raised to $54 from $49.50 at Raymond James
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