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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Read More on FCX:
- XME ETF: Time to Check Out Metals and Mining Stocks?
- 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
- Copper’s Rally Stalls: Buyers Resist Further Price Increases
- Freeport-McMoRan sees FY24 copper sales 4.15B lbs, gold 2M ozs
