Freeport-McMoRan Shares Upgrade: Strong Q3 Results Drive Analyst Optimism
Freeport-McMoRan Inc. (FCX), a global mining behemoth with a market capitalization of $60.6 billion, has witnessed a swing in market sentiment, with analysts upgrading their ratings and price targets. This follows the company's robust Q3 2025 results and positive outlooks for its key assets.
FCX's recent earnings report revealed adjusted EPS of $0.50 and revenue of $6.97 billion, surpassing expectations. This was driven by higher average realized copper prices. UBS analysts have responded by upgrading their rating to 'Buy' and increasing their price target to $48. The mean price target now stands at $48.47, indicating a 14.9% premium to current levels, with the Street-high target at $55 suggesting a 30.4% potential upside.
Analysts' consensus is a 'Moderate Buy', with 12 'Strong Buy' ratings. Scotiabank's Orest Wowkodaw raised FCX's price target to $51, maintaining a 'Sector Perform' rating. Despite a 9% decline over the past 52 weeks, FCX's shares have risen 9.9% year-to-date, outperforming the broader market.
FCX's strong Q3 results and positive analyst ratings point to a bullish outlook. With key assets like the Grasberg mine in Indonesia, the company is well-positioned to capitalize on strong commodity prices. However, its recent underperformance against the broader market and sector peers suggests potential for catch-up growth.
