Top 5 Losers Today

2. Freeport-McMoRan Inc. (NYSE:FCX) has declined over 6.68% as of 11:53 AM ET after the Phoenix, Arizona-based copper miner reduced its copper forecast for 2022 and 2023 despite outperforming the analysts’ estimates for Q1 2022. Following the results, Matthew Murphy at Barclays posted a research report. The analyst gave Freeport-McMoRan Inc. (NYSE:FCX) stock a price target of $29 with an Underweight rating. The target price assumes a downside of over 41.8% from the last closing price. The analyst highlighted that a global recession appears unlikely, but multiple headwinds would restrict growth. He thinks that the supply of copper is in surplus and investors should be prepared to moderate growth with a possibility of margin compression.

As of Q4 2021, 66 hedge funds held a stake in Freeport-McMoRan Inc. (NYSE:FCX).