Goldman Sachs Gold Stocks: Top 5 Stock Picks

4. Freeport-McMoRan Inc. (NYSE:FCX)

Goldman Sachs Equity Stake: $617.39 Million

Number of Hedge Fund Holders: 91

Freeport-McMoRan Inc. (NYSE:FCX) is one of Goldman Sachs top gold stock picks. On April 24, analysts at Morgan Stanley downgraded Freeport-McMoRan Inc. (NYSE:FCX) to an Equalweight from Overweight. It also lowered its price target to $66 from $70.

The downgrade and price target cut come amid concerns that the long-term prospects for Freeport-McMoRan Grasberg Block Cave remain unchanged. In addition, the research firm expects a slow production ramp at the mine and higher costs to weigh on the stock. Therefore, the new price target accounts for depressed results due to the slower ramp-up in Indonesia.

Similarly, Freeport-McMoRan delivered robust first-quarter 2026 results driven by elevated gold and copper prices. It also achieved strong performance in its North American operations. The company posted net income attributed to common stock of $881 million or 61 cents a share. Revenue in the quarter was up 8.8% to $6.23 billion. The company sold 657 million pounds of copper, 121,000 ounces of gold, and 24 million pounds of molybdenum.

Freeport-McMoRan Inc. (NYSE:FCX) is a leading global mining company that operates the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold mines. As a major byproduct of its copper operations, the company is a top-tier gold producer, with expected annual output of roughly 900,000 to 1.3 million ounces of gold.