Is Freeport-McMoRan’s US-Based Footprint An Advantage? Analyst Upgrades Stock Amid Copper Import Tariff Risk
From Yahoo Finance: 2025-03-21 10:01:00
J.P. Morgan analyst Bill Peterson upgrades Freeport-McMoRan, Inc. to Overweight, citing sustained premium pricing for U.S.-based operations amid copper import tariff risk. President Trump’s review of national security risk on U.S. copper imports bodes well for Freeport-McMoRan, with a decision expected by November 22, benefiting the company’s U.S. operations. Analyst projects widening supply deficits and bullish long-term outlook for copper pricing.
Despite potential protective measures, Freeport-McMoRan remains well-positioned to capitalize on near-term upside opportunities. Analyst sees an attractive risk/reward balance with expected resumption of concentrate exports and record gold prices boosting by-product credits at the Grasberg mine. Investors can gain exposure to the stock through Sprott Copper Miners ETF and Themes Copper Miners ETF. FCX shares down 3.24% at $39.38.
Deutsche Bank maintains Hold, Jefferies maintains Buy ratings on Freeport-McMoRan. Analyst upgrades stock to Overweight, raises price forecast to $52 from $48. President Trump’s review of U.S. copper imports’ national security risk benefits Freeport-McMoRan’s U.S. operations, contributing around 10% of operating profit for FY24. Analyst projects widening supply deficits and bullish long-term outlook for copper pricing.