Freeport-McMoRan (FCX) Stock Forecast & Price Target

Freeport-McMoRan maintains a robust balance sheet and an attractive valuation, particularly as it navigates its outlook into 2027. The company ranks among the largest copper miners globally, with substantial production capabilities, selling around 1.2 million metric tons of copper and 900,000 ounces of gold, primarily from its dominant Grasberg operations. In addition to financial strength, Freeport is actively pursuing sustainability initiatives, evidenced by its renewable energy plans and significant reductions in greenhouse gas emissions, enhancing its long-term investment appeal.

Freeport-McMoRan is projected to experience a significant decline in gold production, with volumes expected to decrease from approximately 900,000 ounces in 2024 to around 650,000 ounces by 2029, primarily due to falling output from the Grasberg mine. The company's valuation appears under pressure, with a 3% reduction in its net asset value estimate, reflecting concerns over long-term production sustainability and broader market conditions. Furthermore, a projected 20% drop in consensus EBITDA could lead to a lower valuation multiple of 4.9x, indicating that the company's financial metrics are deteriorating relative to historical performance and its North American copper peers.