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Riding The Wave: Freeport-McMoRan Receives Upgrade As Analyst Foresees Copper And Gold Boom

Lekha Gupta
April 09, 2024

Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher after BofA Securities analyst Lawson Winder upgraded the stock to Buy (from Neutral) with a price target of $59.

The bullish stance was due to expected higher quality copper leverage, robust and rising free cash flow, and material gold revenue (15% of the total).

RelatedWill Copper Reach $10,000? ‘An Essential Metal That Faces An Uncertain Future’

The analyst’s rating reflects the company’s successful transition to underground, block cave mining at Grasberg, more normalized copper production in the future and value-enhancing growth options, including low-grade leaching.

The BofA Commodities team is now materially more bullish on gold prices and gave a constructive outlook on copper given robust energy transition demand and constrained supply.

The analyst estimates FY24 average price for gold to increase by 17% to $2,317 per ounce (/oz), silver to rise 14% to $26.5/oz, and copper to be higher by 8% to $9,321 per tonne (/t) or $4.23 per pound (/lb).

Also ReadBank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals ‘Dance To Their Own Tune’

The analyst estimates EPS of $1.43 in FY24, $2.39 in FY25 and $2.45 in FY26 for the company.

Investors can gain exposure to the stock via Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF (NYSE:CRIT) and VanEck Green Metals ETF (NYSE:GMET). 

Price Action: FCX shares are up 2.02% at $51.01 on the last check Tuesday.

Photo via Wikimedia Commons

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