Freeport-McMoRan Inc <FCX.N>: Jefferies raises target price to $85 from $75

Jefferies has raised its price target for Freeport-McMoRan Inc. (NYSE: FCX) to $85 from $75, while maintaining a Buy rating, according to recent reports. This adjustment follows the firm’s updated modeling to reflect changes in production guidance from Freeport-McMoRan’s Grasberg mine in Indonesia. Jefferies noted that while the mine’s production ramp-up has been delayed, the company remains well-positioned to benefit from rising copper prices in the long term.

Freeport-McMoRan reported Q1 2026 adjusted earnings per share of $0.57, exceeding the consensus estimate of $0.47, and revenue of $6.23 billion, surpassing the expected $5.96 billion. The company’s CEO, Kathleen Quirk, highlighted progress in restoring operations at Grasberg and improving efficiency across its U.S. operations.

Analysts remain divided on the short-term outlook for Freeport-McMoRan due to production challenges at Grasberg, but the long-term fundamentals for copper remain strong. UBS recently raised its price target to $74 from $66, while Morgan Stanley downgraded the stock to Equal Weight from Overweight. The average 12-month price target among analysts is $71.93, reflecting a 13.51% upside from the current stock price.

Despite the recent production disruptions, Freeport-McMoRan’s strong balance sheet and exposure to copper and gold position it for potential growth as market conditions evolve.