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Freeport‑McMoRan Rises After Wells Fargo Hike And Copper Momentum

Benzinga · 1d ago

Freeport-McMoRan Inc (NYSE:FCX) shares are trading higher on Tuesday after Wells Fargo boosted its price target and as copper prices continue to surge to new record highs.

What Happened: Wells Fargo analyst Timna Tanners raised her price target on Freeport to $55 from $47 and reiterated an Overweight rating.

The call comes as copper has been on a historic run, topping $11,700 per metric ton on the London Metal Exchange in December and continuing to climb in 2025, according to Bloomberg. Supply disruptions and concerns that President Donald Trump may impose tariffs on refined copper products have fueled U.S. stockpiling, tightening inventories around the world.

Copper's role in clean‑energy technologies and AI infrastructure is also driving demand. BloombergNEF expects global copper demand to grow more than one‑third by 2035, pushed by the shift to renewable energy, rising electric‑vehicle adoption and the building of AI‑focused data centers.

AI data centers are copper‑heavy, using up to four times more of the metal than traditional facilities. In addition, EVs also require more than triple the copper used in gas‑powered vehicles.

On the supply side, the market is expected to slip into deficit as early as 2026. Several major mines have already faced setbacks this year, including Freeport's Grasberg mine in Indonesia, which suffered a deadly mudslide and added further strain to global supply.

FCX Analyst Ratings

Analysts have recently been bullish on Freeport-McMoRan, with several maintaining an overweight rating and lifting their price targets. Similar to Wells Fargo’s rating, UBS maintained its buy rating and raised its target from $55.00 to $60.00 on Dec. 12.

In other important actions, JP Morgan also retained an overweight rating on Freeport-McMoRan, increasing its target from $50.00 to $58.00 on Dec. 5. On Nov. 19, Scotiabank upgraded the company to sector outperform from sector perform, although it lowered its target to $47.00 from $51.00. On the same day, Morgan Stanley maintained its overweight rating but slightly decreased its target to $44.00 from $46.00.

FCX Price Action: Freeport-McMoRan shares were up 2.78% at $52.06 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to Benzinga Pro.

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