Freeport-McMoRan Inc. (NYSE:FCX) is one of the 10 Best Stocks to Buy Before SpaceX IPO.
Freeport-McMoRan Inc. (NYSE:FCX) is set to benefit from the SpaceX IPO. As a copper miner, the company could come to the fore not just as a copper miner but as a tech infrastructure play, set to benefit from the increasing usage of copper in satellites, ground stations, and global connectivity.
The firm is already gaining traction on Wall Street, with Wells Fargo raising its price target on the shares from $64 to $77. This upward revision comes on the expected mining disruptions and higher costs, which could send the price of copper up because of limited supply.
Earlier this month, on April 2, Goldman Sachs also initiated coverage on the stock with a price target of $70. The firm believes higher profitability is on the cards for the mining company because of macro and geopolitical tailwinds, structural deficits in the copper market, and higher long-term commodity prices. The SpaceX IPO and rising copper demand from satellite infrastructure could provide another tailwind to the stock’s performance, which has added one-third of its market cap in the last month alone.
Image by Csaba Nagy from Pixabay
Freeport-McMoRan Inc. (NYSE:FCX) is engaged in mining mineral properties across Indonesia, North America, and South America. The company mainly explores for gold, silver, copper, molybdenum, and other metals. It was founded in 1987 and is based in Phoenix, Arizona.
While we acknowledge the risk and potential of FCX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FCX and that has 10,000% upside potential, check out our report about this cheapest AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
Disclosure: None. Follow Insider Monkey on Google News.
Hedge Fund Resource Center