Freeport-McMoRan (FCX) Outlook is Better Than Perceived - Jefferies

July 23, 2021 8:58 AM EDT
Get Alerts FCX Hot Sheet
Price: $33.05 -3.64%

Rating Summary:
    22 Buy, 10 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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Jefferies analyst Christopher LaFemina reiterated a Buy rating and $60.00 price target on Freeport-McMoRan (NYSE: FCX) after digging deeper into the results and the outlook and finding more reasons to be more positive on FCX shares including good operating performance, insights regarding high-return, low capital intensity projects at Lone Star and Grasberg, and a very substantial and unique, low-risk organic growth pipeline.

The analyst stated "We expect FCX shares to perform well between now and year-end." He went on to state "2Q production was slightly ahead of expectations, but sales missed due to shipping delays at Grasberg. This is purely a timing issue, and these volumes should flow through in 3Q. Unit cash costs of $1.48/lb were higher than guidance of $1.42, but if we exclude the one off $0.07/lb impact of a new labor agreement at Cerro Verde, net cash costs were actually $0.01/lb below guidance."

For an analyst ratings summary and ratings history on Freeport-McMoRan click here. For more ratings news on Freeport-McMoRan click here.

Shares of Freeport-McMoRan closed at $34.80 yesterday.

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