BUZZ-Street view: Brokerages cut Freeport's PT on lower production forecast
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Brokerages have cut Freeport-McMoRan's price target (PT) following a force majeure declaration at its Grasberg mine, leading to a 4.7% drop in shares to $35.92. BMO Capital Markets revised its PT to $48, citing a significant 35% cut to the 2026 production outlook. Raymond James and JP Morgan also reduced their PTs, with JP Morgan removing the stock from its focus list. Despite these cuts, some brokerages see potential upside in FCX shares due to expected support from copper prices amid production shortfalls.
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