JPMorgan Raises PT on Freeport-McMoRan (FCX) Stock

Freeport-McMoRan Inc. (NYSE:FCX) is one of the Best Multibagger Stocks to Buy for Long Term.  On April 9, JPMorgan analyst Bill Peterson lifted its price objective on the company’s stock to $76 from $68, while keeping an “Overweight” rating on the shares. The revised price objective represents an increase of ~12.1% from the closing price of $67.8. Notably, the firm adjusted the price targets in the broader base metals group. This adjustment forms part of the Q1 preview.

JPMorgan Raises PT on Freeport-McMoRan (FCX) Stock

As per the analyst, ever since the conflict in the Middle East began, the aluminum stocks have significantly outperformed. On the other hand, the inflation worries have impacted the copper stocks. Therefore, the firm opines that the near-term direction of the broader group is dependent on the developments happening in the Middle East.

Notably, 2 research analysts have a “Strong Buy” rating on Freeport-McMoRan Inc. (NYSE:FCX)’s stock, while 18 analysts have a “Buy” rating. Finally, 3 analysts gave a “Hold” rating to its stock.

Freeport-McMoRan Inc. (NYSE:FCX) is a leading global mining company.

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.

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