Freeport-McMoRan, IncNYSE: FCX
Materials · Copper
$56.78
-1.74%
Vol: 10.8M
Research Digest
Friday, May 1, 2026
Freeport-McMoRan Q1 beats but cuts 2026 guidance on slower Grasberg ramp-up; Morgan Stanley downgrades to Equal Weight.
Freeport-McMoRan Q1 2026 beat earnings expectations but immediately faced headwinds from downward guidance revisions. Cut consolidated copper sales guidance to 3.1B pounds (from 3.4B), Grasberg Block Cave delivering 0.7B pounds copper and 650K oz gold in 2026, full recovery delayed to mid-2027. Morgan Stanley downgraded FCX to Equal Weight from Overweight with $66 PT, citing slower Grasberg ramp-up and higher near-term costs. Mixed analyst sentiment, PTs $66-$81. Linked to SpaceX copper demand narrative.
Previous Market Intelligence
13 daysApr 30Freeport-McMoRan beats Q1 earnings but cuts 2026 copper and gold guidance due to Grasberg mine ramp-up delays and higher costs.Mixed▶
Freeport-McMoRan posted Q1 2026 results beating expectations with revenue of $6.23 billion versus consensus of $5.81 billion and adjusted EPS of $0.57 versus consensus of $0.46. However, the company cut 2026 production guidance for its key Grasberg mine in Indonesia to 700 million pounds of copper and 650,000 ounces of gold from previous 800,000 ounces of gold, citing slower Block Cave restart and higher operational costs. Morgan Stanley downgraded to Equal Weight with $66 PT, while UBS and Bank of America maintain Buy ratings.
Apr 16Freeport declares dividend; Q1 earnings expected to show 100% EPS growthPositive▶
Freeport declared $0.15/share cash dividend (payable May 1) comprising $0.075 base + $0.075 variable dividend on Apr 15. Q1 2026 earnings released Apr 23 (before market open) expected to show 100% YoY EPS growth. JPMorgan raised PT to $76. Stock up 20.2% YTD on higher copper prices. Cerro Verde concentrator expansion adding ~600M lbs copper annually. Hedge funds accumulating shares.
Apr 15JP Morgan raised FCX price target to $76 from $68 on April 9; company faces Q1 earnings on April 23 with copper tailwinds.Positive▶
Freeport-McMoRan received bullish analyst coverage in April: JPMorgan raised target to $76 from $68 with Overweight, and Goldman Sachs initiated Buy with $70 target. Dividend increased to $0.15/share payable May 1. Copper prices rallied after Iran-US ceasefire eased supply concerns. However, unit cash cost per pound spiked to $2.22 in Q4 2025. Earnings scheduled April 23 with $0.48 EPS consensus.
Apr 14JPMorgan raises Freeport-McMoRan price target to $76; stock up 20% YTD on strong copper demand and Q4 earnings beat.Positive▶
Freeport-McMoRan stock rallied 20.2% YTD driven by strong copper prices and Q4 earnings performance. JPMorgan raised price target to $76 from $68 (Overweight). Earnings expected April 23. Completed expansions at Cerro Verde in Peru (600M lbs copper annually). Strong liquidity of $3.8B cash and $3B revolving credit. Analyst consensus remains Hold given valuation concerns.
Apr 13Freeport-McMoRan rallied 20.2% YTD on copper strength; JPMorgan raised PT to $76; Goldman Sachs initiated Buy; Q1 earnings April 23.Positive▶
Freeport-McMoRan capitalized on copper price rally following Iran-US ceasefire announcement. JPMorgan raised price target to $76 from $68 on April 9, and Goldman Sachs initiated Buy coverage. Company declared $0.15/share quarterly dividend. Cerro Verde operations show incremental 600M pounds copper production from concentrator expansion. El Abra expansion evaluation underway. Q1 2026 earnings expected April 23.
Apr 10Freeport-McMoRan stock rallies 20% year-to-date on copper price strength and Goldman Sachs Buy initiation.Positive▶
Freeport-McMoRan stock surged 8.05% on April 8 to $65.65 as copper prices remained elevated. Stock has gained 20.2% year-to-date driven by higher commodity prices and strong Q4 earnings. Goldman Sachs initiated coverage with Buy rating on April 1 citing robust copper outlook. JPMorgan raised price target to $76 from $68. Cerro Verde concentrator expansion in Peru adds 600 million pounds of copper production. Earnings report expected April 23, 2026.
Apr 9Freeport-McMoRan surges 7.23% on copper rally and Raymond James raises price target amid strong operational performance.Positive▶
Freeport-McMoRan gained 7.23% as copper prices rallied on lower oil and easing inflation concerns. The company announced a $0.15 per share dividend payable May 1, 2026. Raymond James raised its price target to $72 from $71, maintaining Outperform rating. FCX stock is up 20.2% year-to-date with strong Q4 earnings. The company benefits from expansion projects at Cerro Verde in Peru with 600M lbs annual incremental copper production. However, J.P. Morgan downgraded to Hold on April 6, 2026.
Apr 8Freeport-McMoRan Gains on Copper Price Strength; Goldman Sachs Initiates Buy RatingPositive▶
Freeport-McMoRan surged 20% year-to-date on copper price gains and strong earnings, though rising costs and weaker volumes cloud near-term outlook. Goldman Sachs initiated coverage at Buy with higher commodity price outlook on April 1. Raymond James raised price target to $72 from $71 with Outperform rating. J.P. Morgan maintained Hold rating. The company secured a life-of-resource extension for the Grasberg minerals district. Strong analyst sentiment on commodity prices offsets geopolitical and operational concerns in the copper mining sector.
Apr 7Freeport secures Indonesia life-of-resource extension; Goldman initiates Buy amid copper upsidePositive▶
Freeport-McMoRan signed MOU with Indonesia for life-of-resource extension at Grasberg minerals district. PT Freeport expects phased Block Cave restart in Q2 2026 after Deep Mill Level Zone/Big Gossan production since Oct 2025. 2026 guidance: 3.4B lbs copper, 0.8M oz gold, 90M lbs molybdenum. Goldman Sachs initiated Buy on April 1 citing copper pricing. J.P. Morgan issued Hold. FCX stock down 4.3% April 2 on copper volatility concerns but averages Strong Buy from 17 analysts. Stock at $60.81, PT $57.5.
Apr 6Freeport-McMoRan secures $7.5B Chile El Abra expansion; Goldman initiates Buy coveragePositive▶
Freeport-McMoRan announced a $7.5B project to quadruple copper output at its Chilean El Abra mine, with operations targeting start in 2033 and output increase exceeding 300,000 metric tons annually. CEO Kathleen Quirk stated confidence in copper demand despite Iran conflict headwinds, citing electrification and data center demand. Goldman Sachs initiated FCX coverage with Buy rating citing higher commodity price expectations. FCX also secured Indonesia government agreement for life-of-resource extension in Grasberg minerals district. Stock declined 4.3% on April 2 amid broader copper volatility. The company declared quarterly dividends in February 2026. Significant long-term upside exists with major capital projects underway despite near-term commodity price pressures.
Apr 3Freeport-McMoRan plans Q2 2026 Grasberg restart after 2025 mud incident; Goldman Sachs initiates with Buy and $70 PT.Positive▶
Freeport-McMoRan is navigating recovery from the 2025 Grasberg mud rush incident in Indonesia. PT Freeport Indonesia plans to restart Production Blocks 2 and 3 in Q2 2026. 2026 guidance: 3.4B lbs copper, 0.8M oz gold. Goldman Sachs initiated coverage April 2 with Buy rating and $70 PT. Stock down 4.3% on April 2 amid copper price volatility.
Apr 2Goldman Sachs initiates FCX with buy rating and $70 PT as Grasberg mine plans phased 2026 restart targeting 85% production recovery by H2.Mixed▶
Freeport-McMoRan plans phased Grasberg mine restart in Q2 2026 targeting 85% production recovery by H2 after 2025 mud rush incident. Goldman Sachs initiated with buy rating and $70 PT on April 2. FY2026 guidance: 3.4B lbs copper, 0.8M oz gold, 90M lbs molybdenum. Scotiabank raised PT to $72, UBS lowered to $66. Argus upgraded to buy (Feb 13). Stock down 4.3% April 2 amid broader materials decline. Q1 2026 cash costs expected $2.60/lb.
Apr 1Freeport-McMoRan shares up 7.7% on robust Q1 EPS beat and Grasberg operating rights extension agreement with Indonesia.Positive▶
Freeport-McMoRan reported Q1 earnings of $0.47 per share, topping consensus of $0.28. The company announced an MOU with Indonesia to extend operating rights for its Grasberg minerals district through 2041. Jim Cramer expressed caution about FCX's copper outlook citing slower growth in China.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| FCXFREEPORT | $56.78 | -1.74% | -5.4% | 15.7x | 1.47 | $82.9B |
| LINLINDE | $508.66 | +1.50% | +0.3% | 25.7x | 0.79 | $232.2B |
| NEMNEWMONT | $108.91 | -1.96% | -1.5% | 9.8x | 0.47 | $118.6B |
| SHWSHERWIN | $317.83 | -1.18% | +1.6% | 24.2x | 1.27 | $79.3B |
| CRHCRH | $115.72 | -2.28% | +11.4% | 18.0x | 1.24 | $79.1B |
| ECLECOLAB | $259.78 | -0.31% | -2.4% | 27.2x | 1.02 | $73.6B |
Key Fundamentals
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52-Week Range
Moving Averages
Price between 50d and 200d. Testing 50d support.