Barclays raises Freeport-McMoRan price target amid strong copper expansion plans

Barclays has increased its price target for Freeport-McMoRan to $83, reflecting optimism about the company's copper and gold production. The mining giant reported Q3 2026 copper production of 830 million pounds and gold production of 230,000 ounces, meeting market expectations. Freeport-McMoRan is advancing major copper expansion projects in Chile, Arizona, and Indonesia, including a significant El Abra expansion in Chile that could add over 700 million pounds of copper annually. This growth outlook supports Barclays' bullish stance and suggests strong future performance potential for the stock.

While Barclays raises Freeport-McMoRan's price target to $83, the stock trades at $71.32 on Pluang as of Oct 06, 2026 21:21 WIB, below its 52-week high of $79.91 but well above the 52-week low of $38.65. The stock has seen a 1-day decline of 1.79%, with a market cap of $104.25 billion and a dividend yield of 0.83%. Pluang order activity shows a tilt towards selling at 58%, compared to 42% buying interest, reflecting mixed investor sentiment despite the optimistic outlook.