Freeport-McMoRan to continue to benefit from high metal prices, says Argus

Argus keeps a Buy rating and $55 price target on Freeport-McMoRan after its Q1 earnings beat. The company’s results were hurt by lower copper and gold sales and lower copper prices, but it has also strengthened its balance sheet through asset sales and should continue to benefit from relatively high prices for copper and other metals, the analyst tells investors in a research note. Copper demand should remain elevated given growth in electrification, and has also remained solid in Europe despite economic weakness, Argus adds.