BMO Capital lowered the firm’s price target on Freeport-McMoRan to $45 from $47 after its Q3 results. The analyst is citing the company’s increase in energy costs and the firm’s expectations for costs to remain stickier, even though Freeport-McMoRan reported “another solid quarter driven by better-than-expected copper sales”. BMO further notes that the company offers a strong pipeline of organic initiatives/projects in the near/medium-term, as well as meaningful potential longer-term projects, maintaining its Outperform rating on the shares.
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Read More on FCX:
- Freeport-McMoRan price target lowered to $41 from $44 at Morgan Stanley
- Freeport-McMoRan price target lowered to $47 from $48 at Scotiabank
- Freeport-McMoRan says Indonesia smelter commissioning expected in 2024
- Freeport-McMoRan continuing work on potential expansion of Bagdad mine
- Freeport-McMoRan remains confident about long-term outlook for copper
