Goldman Sachs Upgrades FCX to Buy with $70 Target
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 06 2026
0mins
Should l Buy FCX?
Source: seekingalpha
Freeport-McMoRan Inc (FCX) saw its stock rise by 6.91% as it reached a 20-day high, reflecting positive market sentiment. Goldman Sachs initiated coverage on FCX with a Buy rating and a $70 price target, citing the company's strong position in the copper market and anticipated improvements in cash flow due to rising production volumes from the Grasberg mine. This upgrade suggests that FCX is well-positioned to benefit from structural deficits in the copper market, enhancing its profitability in the long term.
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Analyst Views on FCX
Wall Street analysts forecast FCX stock price to fall
15 Analyst Rating
13 Buy
2 Hold
0 Sell
Strong Buy
Current: 66.450
Low
46.00
Averages
58.79
High
70.00
Current: 66.450
Low
46.00
Averages
58.79
High
70.00
About FCX
Freeport-McMoRan Inc. is a metals company. The Company operates assets with reserves of copper, gold and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, which is a copper and gold deposit; and operations in the United States, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America. Its segments include Cerro Verde copper mine, Indonesia operations and United States Rod & Refining operations. It produces copper concentrate, cathode and continuous cast copper rod. Its copper ore from mines is processed by smelting and refining or by solution extraction and electrowinning (SX/EW). It produces copper cathodes at an electrolytic refinery located in El Paso, Texas. The SX/EW cathode is produced from the Morenci, Bagdad, Safford, Sierrita, Miami, Chino and Tyrone mines in the United States, and from the Cerro Verde and El Abra mines in South America.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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