Freeport-McMoRan Price Target Lifted to $80 Ahead of Grasberg-Pressured Earnings

Stifel raised its price target on Freeport-McMoRan to $80 from $76 while maintaining a Buy rating, pointing to a favorable copper backdrop even as the miner works through production pressure at its Grasberg mine in Indonesia. Shares recently traded near $61.52, up 18.5% year to date.

Copper has been volatile in recent weeks — FCX fell nearly 5% on July 8 amid broader weakness in copper prices — but electrification and data center demand continue to support the metal longer term. The stock's fortunes remain tightly linked to copper's direction given Freeport's heavy leverage to the commodity.

The company reports second-quarter results on July 23, with analysts expecting revenue of about $6.76 billion, down roughly 10.8% year over year, and earnings near $0.59 per share. The print will offer the clearest read yet on how much the Grasberg disruption has weighed on output.