Key Stats for Freeport-McMoRan Stock
- Past-Week Performance: 4%
- 52-week Range: $28 to $62
- Valuation Model Target Price: $88
- Implied Upside: 46.5% over 2.9 years
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What Happened?
Freeport-McMoRan stock rose about 4% over the past week, trading higher through most sessions and finishing near $61, near the top of its recent trading range.
The move aligned with firmer copper prices during the week, which supported sentiment toward large copper producers with strong operating leverage.
Continued focus on supply constraints and demand tied to electrification, grid investment, and infrastructure spending remained central to expectations for Freeport’s near-term earnings and cash flow.
Analyst updates also supported the stock. JPMorgan raised its price target to $68 from $58 and reiterated an Overweight rating, while Raymond James lifted its target to $66 from $53 and maintained an Outperform rating, citing stronger earnings power and cash flow generation at current copper prices.
Balancing that optimism, Sanford C. Bernstein downgraded the stock to Market Perform while raising its target to $54 from $53.50, and Weiss Ratings reiterated a Hold rating.
Even with mixed views, higher copper prices and upward target revisions outweighed caution, allowing shares to move higher over the week.
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Is Freeport-McMoRan Undervalued?
Under valuation model assumptions, the stock is modeled using:
- Revenue Growth (CAGR): 10.1%
- Operating Margins: 40.9%
- Exit P/E Multiple: 22.8x
Based on these inputs, the model estimates a target price of $88, implying 46.5% total upside from recent levels over the next 2.9 years.
Over the next year, results are likely shaped by how copper prices hold up amid global supply constraints, particularly as electrification, grid upgrades, and infrastructure projects continue to drive demand faster than new supply enters the market.
Freeport’s operating leverage remains a key factor, with changes in copper pricing translating directly into cash flow due to the company’s scale, asset quality, and disciplined capital spending.
Execution at core assets, stable production volumes, and cost control support margin durability and free cash flow generation across commodity cycles.
Freeport-McMoRan appears undervalued at current levels, with future performance likely driven by copper fundamentals, operating leverage, and cash flow execution rather than a valuation re-rating.
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