The Fly

Freeport-McMoRan price target raised to $47 from $40 at RBC Capital

RBC Capital analyst Sam Crittenden raised the firm’s price target on Freeport-McMoRan to $47 from $40 but keeps a Sector Perform rating on the shares after its "solid" Q4 earnings beat. The company is well positioned to take advantage of high copper and gold prices in 2023 and also benefit from the recent spike in molybdenum prices, though the stock already trades inline with its historic averages, the analyst tells investors in a research note.

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