Freeport-McMoRan rated Buy on strong U.S. operations, growth pipeline, and attractive valuation.

Freeport-McMoRan is rated Buy due to its resilient U.S. mining operations, a promising expansion pipeline including projects like Bagdad and El Abra, and a discounted valuation at 7.6x EV/EBITDA forward. Despite production cuts at the Grasberg mine, U.S. mines maintain strong results with low cash costs and solid margins. The company's growth projects carry low execution risk and remain profitable even with conservative copper prices. Market options suggest limited short-term gains but significant potential for price appreciation by 2027.