Freeport-McMoRan (NYSE: FCX) Price Target Lowered by Scotiabank Amid Strong Earnings and Copper Outlook
Key points
- Scotiabank lowered its price target for Freeport-McMoRan to $78.00, still implying significant upside from its previous share price.
- Freeport-McMoRan reported strong Q3 2026 adjusted earnings of $0.88 per share and revenue of $7.55 billion, both exceeding analyst estimates.
- The company projects substantial copper sales growth to over 4 billion pounds by 2028, driven by Grasberg mine recovery and strategic expansions.
Freeport-McMoRan (NYSE: FCX) is a major producer of copper, gold, and molybdenum. Scotiabank (NYSE: BNS) lowers its price target to $78.00 from $80.00. At the $65.64 share price when the target was published, the new target implies about 18.8% upside.
Freeport targets copper sales of more than 4 billion pounds by 2028. Growth plans center on the recovery of its Grasberg mine, new methods for extracting copper from mined material, and mine expansions, as highlighted by Zacks.
Third-quarter 2026 adjusted earnings reach $0.88 per share, up 76% from a year earlier and 10% above the Zacks consensus estimate. Revenue rises 8.2% to $7.55 billion, beating estimates by 6.5%, as highlighted by Zacks. Adjusted earnings exclude certain items to give investors a clearer view of ongoing results.
Higher copper and molybdenum prices offset weaker copper and gold sales volumes. Copper sales fall 23.3% during the Grasberg ramp-up, while the average price Freeport receives for copper rises 39.7% to $6.54 per pound. Freeport projects 2026 copper sales of 3 billion pounds and operating cash flow of $8.50 billion as Grasberg recovers.
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