Freeport-McMoRan (FCX) Stock: Wall Street Gets Bullish as Goldman and Raymond James Raise Targets

TLDR

• Goldman Sachs upgraded FCX to “strong-buy” with a $70 price target, citing copper market deficits and gold exposure
• Raymond James raised its price target to $72, implying ~17% upside from current levels
• FCX beat Q4 EPS estimates by $0.19, reporting $0.47 vs. the $0.28 consensus, on revenue of $5.63B
• Insiders sold 565,145 shares worth ~$35.8M in the last quarter, including sales by the CAO and CFO
• FCX expects to sell 3.4 billion pounds of copper and 0.8 million ounces of gold in 2026

Freeport-McMoRan has been drawing attention from Wall Street this week, with Goldman Sachs upgrading the stock to “strong-buy” and Raymond James nudging its price target higher. The copper giant is sitting at a crossroads of bullish analyst sentiment and some notable insider selling.

Freeport-McMoRan Inc., FCX

Goldman Sachs initiated coverage with a Buy rating and a $70 price target. The bank pointed to FCX’s exposure to structural deficits in the copper market and its gold production as key reasons for the call. Jefferies also reiterated a Buy rating, with a particular focus on the high-margin Grasberg mine in Indonesia.

Raymond James raised its price target on FCX to $72 from $71 on April 2, while keeping its Outperform rating. At the current price of $61.38, that target implies roughly 17% upside.

Other brokers have been piling on the optimism too. JPMorgan lifted its target to $68, Wells Fargo moved to $64, and CICC raised its target to $64.40. The MarketBeat consensus sits at “Moderate Buy” with a $62.75 average price target across 23 analysts.

FCX beat Q4 earnings expectations back on January 22. The company posted EPS of $0.47 against a consensus estimate of $0.28 — a beat of $0.19. Revenue came in at $5.63 billion, topping estimates of $5.42 billion.

That said, revenue was down 1.5% year-over-year. Net margin and return on equity both stood at 8.50%.

Insider Selling Raises Eyebrows

Not everyone is buying. In February, both the CAO and CFO sold stock. CAO Stephen T. Higgins sold 29,654 shares at $63.00 on February 20, reducing his stake by 27.95%. CFO Maree E. Robertson sold 48,500 shares at $61.55 on February 13, cutting her position by 37.77%.

In total, insiders sold 565,145 shares worth about $35.8 million over the last quarter. Corporate insiders now hold just 0.75% of the stock, while institutional investors own 80.77%.

On the dividend front, FCX declared a cash dividend of $0.15 per share, payable May 1, 2026, to shareholders of record as of April 15.

Production Outlook for 2026

FCX expects to sell 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum in 2026. For Q1 2026 alone, the company is targeting 640 million pounds of copper, 60,000 ounces of gold, and 22 million pounds of molybdenum.

Production is also ramping up at the underground mines. PTFI commenced production from the Deep Mill Level Zone and Big Gossan mines in late October 2025. A phased restart of the Grasberg Block Cave is expected to begin in Q2 2026.

On the macro side, President Trump signed a proclamation establishing a flat 50% tariff on imported copper products. FCX’s stock also saw a lift after Trump delayed military strikes on Iranian power plants, easing geopolitical tensions across commodity markets.

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