Morgan Stanley Lifts PT on Freeport-McMoRan (FCX) – Here’s Why

Freeport-McMoRan Inc (NYSE:FCX) is one of the top cheap blue chip stocks to buy according to Wall Street analysts. Morgan Stanley lifted the price target on Freeport-McMoRan Inc (NYSE:FCX) to $70 from $66 on July 8 and reaffirmed an Equal Weight rating on the shares. The firm told investors in a research note that copper and precious metals are favored due to expectations for higher prices, while aluminum is expected to face pressure as supply moves into surplus alongside iron ore.

Freeport-McMoRan Inc. (FCX): "Last Thing I Want To Do Is Sell FreePort," Says Jim Cramer

For reference, in its operating results for fiscal Q1 2026, Freeport-McMoRan Inc (NYSE:FCX) reported that consolidated copper and gold sales surpassed January 2026 estimates, and consolidated average unit net cash costs were favorable to January 2026 estimates. Consolidated production totaled 662 million pounds of copper, 97 thousand ounces of gold, and 22 million pounds of molybdenum in the quarter. Management further stated that consolidated sales totaled 657 million pounds of copper, 121 thousand ounces of gold, and 24 million pounds of molybdenum. 

Freeport-McMoRan Inc (NYSE:FCX) mines gold, copper, and molybdenum. The company’s operations are divided into the following segments: U.S. Copper Mines, South America Operations, Indonesia Operations, Molybdenum Mines, U.S. Rod and Refining, Atlantic Copper, and Corporate and Other.

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