Freeport-McMoRan price target raised to $46 from $44 at Deutsche Bank

Deutsche Bank analyst Liam Fitzpatrick raised the firm’s price target on Freeport-McMoRan to $46 from $44 and keeps a Hold rating on the shares. The analyst expects range-bound metals prices in the first half of 2024 before a recovery in demand, excluding China, drives base metals higher from the second half and into 2025. Investor interest in copper’s structural story is building again and Deutsche maintains a bullish call for prices to reach $10,000 per ton in 2025, the analyst tells investors in a research note.