Analyst Upgrade Spurs Optimism
Freeport-McMoRan Inc. FCX shares surge followingtrading, driven by BofA Securities’ analyst Lawson Winder lifting the stock to Buy with a price target of $59.
Shifting Tides in Favor of Freeport-McMoRan
The upgrade emphasizes the company’s transition to underground mining at Grasberg, promising higher copper production and value-enhancing growth avenues like low-grade leaching.
Golden Fortunes Await
BofA Commodities team’s bullish outlook on gold prices and copper demand forecasts paint a promising picture, foreseeing a surge in gold revenue comprising 15% of the total.
Glittering Projections
Expectations run high as gold prices are predicted to soar, with estimates forecasting a 17% increase to $2,317 per ounce, while copper is set to rise by 8% to $9,321 per tonne.
Investor Options
For those seeking exposure, options include Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF (CRIT) and VanEck Green Metals ETF (GMET).
Positive Market Response
Notably, FCX shares demonstrate an uptick by 2.02% to $51.01 at the latest trading session, reflecting investor confidence in the company’s strategic evolution.
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