Freeport-McMoRan stays a Buy as Grasberg mine recovers on schedule despite Q3 cost challenges.

Freeport-McMoRan (FCX) maintains a Buy rating supported by the timely recovery of its Grasberg mine and strong cash flows from U.S. and South American operations. The stock trades at a discount relative to historical EBITDA multiples despite a slight reduction in expected copper sales for 2027 and increased capital expenditures. Temporary cost and cash flow pressures in Q3 are due to delayed gold sales in Indonesia but are expected to improve in Q4 with lower unit costs. The main risk is copper price volatility, with a sustained drop below $5.85 per pound potentially leading to a rating downgrade.

Freeport-McMoRan (FCX) shares are priced at USD 62.61 on Pluang as of Nov 03, 2026 17:21 WIB, showing a slight 0.57% decline in one day. The stock's market capitalization stands at $89.71 billion, reflecting its significant presence in the basic materials sector. Despite recent cost pressures mentioned in the news, investor activity on Pluang shows 69% selling and 31% buying, indicating mixed sentiment among retail traders.