Post 35% Surge, Analysts Eye More Upside in Copper Giant Freeport

Core Viewpoint - Freeport McMoRan has made a significant recovery from a sharp decline in September, with shares rebounding approximately 35% from their low, indicating strong market confidence in the company's long-term prospects [2][3]. Group 1: Company Performance - After a nearly 17% drop on September 24 due to a disaster at its Indonesian mine, Freeport's shares fell to just over $35, followed by an additional 6% decline the next day [2]. - As of December 16, Freeport's shares closed at just over $47.50, marking a robust recovery from the September lows [2][3]. - The company faced a mudslide at its Grasberg Block Cave mine, which resulted in a significant reduction in production guidance for 2025 and 2026, but analysts believe this decline is temporary [3][4]. Group 2: Market Outlook - Analysts are optimistic about Freeport's future, with a consensus price target near $49, suggesting a 3% upside potential, while some targets exceed $56 [5]. - The market appears to have overreacted to the near-term disruptions, presenting a potential opportunity for long-term investors [4][6]. - Factors such as data center build-outs and expectations for electric vehicles are expected to support Freeport's long-term outlook [6].