Freeport-McMoRan stock undervalued despite rising copper prices, with 22% upside potential.

Freeport-McMoRan (FCX) appears undervalued relative to current copper prices, trading as if copper is priced at about $5.70 per pound, roughly 13% below the spot price near $6.60. The Grasberg mine is performing slightly ahead of its revised plan, and FCX reaffirmed its goal to reach 80% capacity by mid-2027 and near full capacity by the end of 2027. Using a valuation model based on a 7.0x EV/EBITDA multiple and projected EBITDA of around $20 billion for 2027/2028 at $6.50 per pound copper, the stock target is $85, implying about 22% upside. The main risk to this outlook is a significant drop in copper prices toward $5 per pound. Investors are advised to look beyond the headline Q3 numbers and focus on the company's long-term capacity growth and valuation potential.

Freeport-McMoRan's market cap stands at $99.98 billion as of Oct 16, 2026, 16:11 WIB, indicating significant investor interest in the company. The stock price on Pluang is $70.30 with a modest 1-day gain of 0.34%, while the dividend yield remains low at 0.86%. Trading volume is active with over 12 million shares exchanged, and the typical holding period is about 70 days, reflecting a balanced mix of short- and medium-term investor engagement.