Riding The Wave: Freeport-McMoRan Receives Upgrade As Analyst Foresees Copper And Gold Boom
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 09 2024
0mins
Should l Buy FCX?
Source: Business Insider
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy FCX?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
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: 62.550
Low
46.00
Averages
58.79
High
70.00
Current: 62.550
Low
46.00
Averages
58.79
High
70.00
About FCX
Freeport-McMoRan Inc. is an international metals company focused on copper. The Company operates geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. The Company's segments include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. Its operations include North America, South America and Indonesia. In North America, it manages seven copper operations: Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines: Henderson and Climax in Colorado. It also operates a copper smelter in Miami, Arizona. In South America, it manages two copper operations: Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Grasberg minerals district also produces gold and silver.
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.
Freeport Signs MOU with Indonesian Government for Resource Rights Extension
- Resource Rights Extension: Freeport has signed an MOU with the Indonesian government to amend PT Freeport Indonesia's special mining business license, extending operating rights in one of the world's largest copper and gold mining districts, ensuring continued operations and revenue generation.
- Enhanced Community Support: The agreement includes increased financial support for Papua communities, such as funding for a new hospital and two medical educational facilities, which not only improves the company's social responsibility image but also strengthens its relationship with the government.
- Increased Exploration Spending: PTFI plans to boost exploration expenditures and advance studies to identify and develop long-term resources and expansion opportunities, laying the groundwork for future mineral resource development and ensuring competitiveness in a tightening resource market.
- Market Expansion Strategy: PTFI will prioritize domestic downstream sales and broaden its marketing of refined copper to the U.S. market, which not only meets the U.S. demand for copper but also enhances Freeport's strategic position in the global copper market.
See More
European Stocks Open Higher Amid Economic Data and Earnings Reports
- Positive Economic Data: U.K. retail sales rose by 1.8% in January 2026, up from a 0.4% increase in December 2025, indicating signs of economic recovery that could boost consumer confidence and market activity.
- Improved Public Finances: The U.K. public sector recorded a £30.4 billion ($40.8 billion) surplus in January 2026, double the level from a year earlier, reflecting improved fiscal health that may support future government spending plans.
- Anglo American Earnings Report: Anglo American reported adjusted core earnings of $6.4 billion for 2025, a 1.6% increase from the previous year, despite a $3.7 billion net loss due to market challenges, showcasing strong performance in copper and premium iron ore.
- Geopolitical Tensions: U.S. President Trump stated he would decide within the next 10 days whether to take military action against Iran, leading to cautious market reactions that could impact investor sentiment and market volatility.
See More
Supreme Court May Rule on Trump's Tariff Legality
- Consumer Impact of Tariffs: The current average effective tariff rate in the U.S. stands at 16.9%, the highest since 1932, with projections indicating that consumers will pay an additional $1,300 to $1,700 in 2026, significantly increasing household economic burdens.
- Potential Legal Changes: Should the Supreme Court rule IEEPA tariffs unconstitutional, the consumer burden could be halved to between $600 and $800, providing some economic relief for families and influencing future spending patterns.
- Tariff Revenue Analysis: U.S. Customs and Border Protection collected approximately $133.5 billion in tariff revenue in fiscal year 2025, accounting for 60% of total tariff revenue during that period, highlighting the significant impact of tariff policies on government finances.
- Alternative Tariff Pathways: The Trump administration may resort to other legal frameworks to continue imposing tariffs, and economists note that even if IEEPA is overturned, this will limit potential consumer relief while maintaining high tariff burdens.
See More
Ditch the Chips, Invest in Wires: BHP Reaches New Heights as Copper Surpasses Iron
BHP's Record Earnings: BHP Group reported a significant increase in earnings, with copper earnings surpassing those from iron ore for the first time, indicating a shift in the global economic landscape towards copper as a critical resource for the digital age.
Transition to Copper Age: The company's earnings report marks a pivotal moment, suggesting the end of the Iron Age and the beginning of the Copper Age, driven by the demand for copper in AI infrastructure and electrification.
Government Support and Strategic Moves: BHP's strategy includes aligning its production with future-facing commodities, supported by government initiatives like Project Vault, which aims to stockpile essential industrial metals.
Investment Opportunities: Investors are encouraged to consider BHP as a stable option in the mining sector, especially as it positions itself as a leader in copper production amidst rising demand and geopolitical challenges affecting supply chains.
See More
Freeport-McMoRan Secures Grasberg Permit Extension with Indonesia
- Permit Extension: Freeport-McMoRan has entered a memorandum of understanding with the Indonesian government to extend the Grasberg mine permit until 2041, ensuring long-term access to one of the world's largest copper and gold mines, thereby enhancing the company's resource security.
- Equity Changes: Under the preliminary agreement, Freeport's stake in Indonesia will decrease to 37% by 2041, with a 12% stake transferred to the Indonesian government, which may impact the company's control and revenue distribution.
- Domestic Sales Focus: Freeport will prioritize local sales of refined copper and other products, ensuring competitiveness in the Indonesian market while preparing to meet potential U.S. demand, thus broadening its market share.
- Global Production Contribution: The Grasberg mine accounts for approximately 3% of global copper production annually, and the permit extension will help Freeport maintain a significant position in the global copper market, supporting its long-term strategic objectives.
See More
Goldman Sachs Optimistic on Credo Technology's Future
- Growing Market Demand: Analyst James Schneider from Goldman Sachs highlights a surge in demand for high-speed, short-range connectivity in AI data centers, which is expected to further drive growth for Credo Technology Group, showcasing the company's strong market potential.
- Buy Rating and Price Target: Goldman Sachs initiates coverage on Credo with a buy rating and sets a 12-month price target of $165, indicating a 29% upside from Wednesday's close, reflecting the analyst's confidence in the company's future performance.
- Significant Technological Advantage: Credo's Active Electrical Cables (AECs) technology offers low-cost, high-bandwidth, and highly reliable connectivity solutions, and Schneider believes this technology will remain mainstream for at least the next five years, further solidifying the company's market position.
- Diversification Strategy: Schneider commends Credo's diversification efforts into optical solutions, which he believes will support long-term growth, while also appreciating the company's carefully managed guidance and investor messaging.
See More
Freeport Signs MOU with Indonesian Government for Resource Rights Extension
- Resource Rights Extension: Freeport has signed an MOU with the Indonesian government to amend PT Freeport Indonesia's special mining business license, extending operating rights in one of the world's largest copper and gold mining districts, ensuring continued operations and revenue generation.
- Enhanced Community Support: The agreement includes increased financial support for Papua communities, such as funding for a new hospital and two medical educational facilities, which not only improves the company's social responsibility image but also strengthens its relationship with the government.
- Increased Exploration Spending: PTFI plans to boost exploration expenditures and advance studies to identify and develop long-term resources and expansion opportunities, laying the groundwork for future mineral resource development and ensuring competitiveness in a tightening resource market.
- Market Expansion Strategy: PTFI will prioritize domestic downstream sales and broaden its marketing of refined copper to the U.S. market, which not only meets the U.S. demand for copper but also enhances Freeport's strategic position in the global copper market.
See More
European Stocks Open Higher Amid Economic Data and Earnings Reports
- Positive Economic Data: U.K. retail sales rose by 1.8% in January 2026, up from a 0.4% increase in December 2025, indicating signs of economic recovery that could boost consumer confidence and market activity.
- Improved Public Finances: The U.K. public sector recorded a £30.4 billion ($40.8 billion) surplus in January 2026, double the level from a year earlier, reflecting improved fiscal health that may support future government spending plans.
- Anglo American Earnings Report: Anglo American reported adjusted core earnings of $6.4 billion for 2025, a 1.6% increase from the previous year, despite a $3.7 billion net loss due to market challenges, showcasing strong performance in copper and premium iron ore.
- Geopolitical Tensions: U.S. President Trump stated he would decide within the next 10 days whether to take military action against Iran, leading to cautious market reactions that could impact investor sentiment and market volatility.
See More
Supreme Court May Rule on Trump's Tariff Legality
- Consumer Impact of Tariffs: The current average effective tariff rate in the U.S. stands at 16.9%, the highest since 1932, with projections indicating that consumers will pay an additional $1,300 to $1,700 in 2026, significantly increasing household economic burdens.
- Potential Legal Changes: Should the Supreme Court rule IEEPA tariffs unconstitutional, the consumer burden could be halved to between $600 and $800, providing some economic relief for families and influencing future spending patterns.
- Tariff Revenue Analysis: U.S. Customs and Border Protection collected approximately $133.5 billion in tariff revenue in fiscal year 2025, accounting for 60% of total tariff revenue during that period, highlighting the significant impact of tariff policies on government finances.
- Alternative Tariff Pathways: The Trump administration may resort to other legal frameworks to continue imposing tariffs, and economists note that even if IEEPA is overturned, this will limit potential consumer relief while maintaining high tariff burdens.
See More
Ditch the Chips, Invest in Wires: BHP Reaches New Heights as Copper Surpasses Iron
BHP's Record Earnings: BHP Group reported a significant increase in earnings, with copper earnings surpassing those from iron ore for the first time, indicating a shift in the global economic landscape towards copper as a critical resource for the digital age.
Transition to Copper Age: The company's earnings report marks a pivotal moment, suggesting the end of the Iron Age and the beginning of the Copper Age, driven by the demand for copper in AI infrastructure and electrification.
Government Support and Strategic Moves: BHP's strategy includes aligning its production with future-facing commodities, supported by government initiatives like Project Vault, which aims to stockpile essential industrial metals.
Investment Opportunities: Investors are encouraged to consider BHP as a stable option in the mining sector, especially as it positions itself as a leader in copper production amidst rising demand and geopolitical challenges affecting supply chains.
See More
Freeport-McMoRan Secures Grasberg Permit Extension with Indonesia
- Permit Extension: Freeport-McMoRan has entered a memorandum of understanding with the Indonesian government to extend the Grasberg mine permit until 2041, ensuring long-term access to one of the world's largest copper and gold mines, thereby enhancing the company's resource security.
- Equity Changes: Under the preliminary agreement, Freeport's stake in Indonesia will decrease to 37% by 2041, with a 12% stake transferred to the Indonesian government, which may impact the company's control and revenue distribution.
- Domestic Sales Focus: Freeport will prioritize local sales of refined copper and other products, ensuring competitiveness in the Indonesian market while preparing to meet potential U.S. demand, thus broadening its market share.
- Global Production Contribution: The Grasberg mine accounts for approximately 3% of global copper production annually, and the permit extension will help Freeport maintain a significant position in the global copper market, supporting its long-term strategic objectives.
See More
Goldman Sachs Optimistic on Credo Technology's Future
- Growing Market Demand: Analyst James Schneider from Goldman Sachs highlights a surge in demand for high-speed, short-range connectivity in AI data centers, which is expected to further drive growth for Credo Technology Group, showcasing the company's strong market potential.
- Buy Rating and Price Target: Goldman Sachs initiates coverage on Credo with a buy rating and sets a 12-month price target of $165, indicating a 29% upside from Wednesday's close, reflecting the analyst's confidence in the company's future performance.
- Significant Technological Advantage: Credo's Active Electrical Cables (AECs) technology offers low-cost, high-bandwidth, and highly reliable connectivity solutions, and Schneider believes this technology will remain mainstream for at least the next five years, further solidifying the company's market position.
- Diversification Strategy: Schneider commends Credo's diversification efforts into optical solutions, which he believes will support long-term growth, while also appreciating the company's carefully managed guidance and investor messaging.
See More
