Freeport-McMoRan (FCX) PT Lowered to $53 at Scotiabank

Scotiabank analyst Orest Wowkodaw lowered the price target on Freeport-McMoRan (NYSE: FCX) to $53.00 (from $55.00) while maintaining a Sector Outperform rating.

The analyst commented: 'FCX reported better than anticipated Q1/24 results. Although the company’s three-year operating guidance was largely unchanged, we have further increased our cash cost expectations by ~5% pa. Overall, we view the update as mixed for the shares. We rate FCX SO based on high leverage to Cu and the potential for strong shareholder returns. Our revised 12-month target of $53.00 per share (from $55.00 per share) is based on a 50/50 mix of 9.0x our 2025E EV/EBITDA and 1.8x our updated 8% NAVPS estimate."

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