Freeport-McMoran rated buy on strong copper demand and Grasberg asset restart boosting cash flow.

Freeport-McMoran (FCX) is rated a buy due to robust copper demand driven by electrification, AI data center growth, and defense spending. The company is undervalued with a forward P/E of 19.01 and a 7.3x EV/EBITDA for 2026. The key catalyst is the expected restart of Grasberg mine production by 2026, which could nearly double free cash flow and offer a 36% upside in stock price. This makes FCX an attractive long-term investment despite current economic uncertainties.