Freeport-McMoRan reported a 74% increase in Q3 earnings, driven by a 40% rise in copper prices to $6.54 per pound, despite a 23% drop in copper sales compared to last year. The Grasberg mine operated at 67% capacity, marking three consecutive quarters of production recovery. However, the company cut its 2026 copper production guidance for the third time to 3.0 billion pounds, while US operating costs and 2027 capital expenditures continue to rise. The 2027 capex does not include the $4.5 billion Bagdad expansion. Based on current copper prices, the stock is valued at about $45 per share with a target price of $48.78, leading to a rating downgrade from Buy to Hold.
Freeport-McMoRan's stock trades at USD 65.54 on Pluang as of Oct 29, 2026 17:51 WIB, down 1.59% for the day. This price is closer to its 52-week high of USD 79.91 than the low of USD 38.65, showing resilience despite recent guidance cuts and rising costs. The market cap stands at $95.64 billion, reflecting strong investor interest even as the company adjusts its production outlook.
