Freeport-McMoRan (FCX) PT Lowered to $53 at Scotiabank

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April 24, 2024 7:14 AM EDT(Updated - April 24, 2024 7:14 AM EDT)

Scotiabank analyst Orest Wowkodaw lowered the price target on Freeport-McMoRan (NYSE: FCX[1]) to £53.00 (from £55.00) while maintaining a Sector Outperform rating. The analyst commented: 'FCX reported better than anticipated Q1/24 results. Although the company's three-year operating guidance was largely unchanged, we have further increased our cash cost expectations by ~5% pa.

Overall, we view the update as mixed for the shares.

We rate FCX SO based on high leverage to Cu and the potential for strong shareholder returns.

Our revised 12-month target of £53.00 per share (from £55.00 per share) is based on a 50/50 mix of 9.0x our 2025E EV/EBITDA and 1.8x our updated 8% NAVPS estimate."


  1. ^ FCX (