Jefferies has increased its price target for Freeport-McMoRan (FCX, Financial) from $48 to $50 while maintaining a Buy rating on the stock. This decision comes as the company is poised to experience a period of enhanced free cash flow, attributed to increased production volumes, reduced unit costs, and improved price realizations.
The financial firm anticipates that these favorable conditions will provide Freeport-McMoRan with a strong foundation to potentially boost its share buybacks. At the same time, the company is expected to continue investing in its organic growth initiatives. If these projections hold true, Freeport-McMoRan could see significant benefits in the near future.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 18 analysts, the average target price for Freeport-McMoRan Inc (FCX, Financial) is $46.05 with a high estimate of $60.04 and a low estimate of $30.12. The average target implies an upside of 23.34% from the current price of $37.34. More detailed estimate data can be found on the Freeport-McMoRan Inc (FCX) Forecast page.
Based on the consensus recommendation from 22 brokerage firms, Freeport-McMoRan Inc's (FCX, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Freeport-McMoRan Inc (FCX, Financial) in one year is $47.28, suggesting a upside of 26.64% from the current price of $37.335. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Freeport-McMoRan Inc (FCX) Summary page.
