Freedom Broker Boosts Freeport-McMoRan to Buy with $75 Price Target
Freeport-McMoRan's stock rating has been upgraded to Buy from Hold by Freedom Broker, with a price target of $75.00.
The company currently trades at $72.56, up 59% over the past year, according to Investing.com.
Analyst Vitaly Kononov cited the focus on Grasberg Block Cave recovery as central to Freeport-McMoRan's growth trajectory, and highlighted that the facility is expected to return to normalized production levels of approximately 1.0 to 1.2 million tonnes of copper and 1.0 to 1.2 million ounces of gold at full operating rates.
The recovery is considered material to Freeport-McMoRan's earnings and cash-flow profile, and management continues to position the Bagdad expansion in Arizona and longer-term Arizona copper projects as the next phase of growth.