Freeport-McMoRan (FCX) Downgraded: Price Target Cut to $66
Published on · Source: finance.yahoo.com
AI Summary
Summarized by AI from the source belowMorgan Stanley downgraded Freeport-McMoRan (FCX) to Equal Weight from Overweight, lowering its price target from $70 to $66. This adjustment follows a Q1 2026 earnings beat, with an adjusted EPS of $0.57 against an expectation of $0.47, and revenue of $6.23 billion, surpassing $5.96 billion. The downgrade stems from execution delays and higher costs at the Grasberg mine, now projected to recover by late 2027. The adjustments reflect reduced output estimates while long-term copper demand remains intact.
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About Freeport-McMoRan Inc. (FCX)
Freeport-McMoRan is one of the world’s largest copper miners.
The Materials sector covers chemical, metal, mining and packaging companies that supply raw inputs.
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