Mining Stock Pops on Upgrade, Surging Copper Prices

Core Insights - Freeport-McMoRan Inc (NYSE:FCX) stock has increased by 1.2% to $39.33 following an upgrade from UBS to "buy" from "neutral," with a new price target of $48, representing a 23.5% premium to the previous close [1] - The mining sector is experiencing a boost due to rising copper prices, which have reached a 16-month high [1] Group 1: Analyst Ratings and Price Targets - 12 out of 19 brokerage firms have a "buy" or better rating for FCX, with a 12-month consensus target price of $46.75, indicating an 18.4% premium to current levels [2] - FCX shares are on track for their best weekly gain since April, having increased by 35.6% over the last three months, although they still show a 20.6% year-to-date deficit [2] Group 2: Market Activity and Sentiment - The 10-day call/put volume ratio for FCX is 5.65, ranking in the 84th percentile of readings from the past 12 months, indicating bullish sentiment among traders [3] - The Schaeffer's Volatility Index (SVI) for FCX is at 41%, which is in the low 13th percentile of its annual range, suggesting that options traders are anticipating low volatility [4]