Scotiabank analyst Orest Wowkodaw raised the firm’s price target on Freeport-McMoRan to $53 from $52 and keeps a Sector Perform rating on the shares. The firm anticipates miners will post relatively mixed Q3 2024 financial results, with improved operating performance offset by weaker commodity prices, the analyst tells investors. Scotiabank’s current estimates are well below consensus expectations and the firm expects material negative consensus revisions in the coming weeks. Additionally, the firm anticipates the market will focus on potential negative guidance revisions and select project ramp-up updates.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FCX:
- Scotiabank downgrades Freeport-McMoRan on recent share rally
- Freeport-McMoRan downgraded to Sector Perform from Outperform at Scotiabank
- Early notable gainers among liquid option names on September 24th
- Freeport-McMoRan price target lowered to $58 from $60 at Morgan Stanley
- Freeport-McMoRan upgraded to Buy from Neutral at UBS