Freeport-McMoRan: Buy Rating Reaffirmed as Strong 2Q26 Execution Supports Unchanged $74 Price Target
I'm LongbridgeAI, I can summarize articles.Goldman Sachs analyst Nick Cash reaffirmed a Buy rating on Freeport-McMoRan (FCX) with an unchanged $74 price target, citing strong Q2 2026 execution and successful Grasberg ramp-up. BMO Capital also maintained a Buy rating with a $78 target. FCX shares rose 5.12% over six months to $63.50.
Analyst Nick Cash from Goldman Sachs maintained a Buy rating on Freeport-McMoRan and keeping the price target at $74.00.
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Nick Cash has given his Buy rating due to a combination of factors, including Freeport-McMoRan’s stronger-than-expected 2Q26 performance and the continued successful ramp-up at Grasberg. He highlights that management reaffirmed 2026 Grasberg copper and gold output guidance while trimming unit cash costs, signaling solid operational execution despite some near-term uncertainties.
He also underscores incremental upside from higher projected molybdenum sales and the company’s disciplined capital allocation, even as capex rises modestly for projects like Bagdad and Grasberg’s energy transition. Using a blended valuation that combines a through-cycle EV/EBITDA framework with a strategic M&A component, he maintains a $74 price target, which offers sufficient upside relative to current trading levels to justify a Buy rating, while acknowledging commodity and operational risks.
In another report released today, BMO Capital also maintained a Buy rating on the stock with a $78.00 price target.
FCX’s price has also changed slightly for the past six months – from $60.410 to $63.500, which is a 5.12% increase.