Freeport-McMoRan Set To Benefit From A Strong Project Pipeline, Says Analyst
Portfolio Pulse from Shivani Kumaresan
BMO Capital Markets analyst has reiterated an Outperform rating on Freeport-McMoRan Inc (FCX) but cut the price target from $47 to $45. The analyst notes that FCX reported a Q3 FY23 revenue growth of 16.4% YoY to $5.82 billion, beating consensus estimates. The company's solid performance was driven by better-than-expected copper sales. Despite the current copper pricing environment and higher capital costs, FCX continues to make minor investments and work on feasibility studies. The analyst also reduced FY23 and FY24 EPS estimates due to increased energy costs.
October 20, 2023 | 6:40 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Freeport-McMoRan Inc's Q3 FY23 revenue growth beat estimates, driven by better-than-expected copper sales. Despite challenges, the company continues to make minor investments. However, the analyst cut the price target and reduced EPS estimates due to increased energy costs.
The news is directly about FCX and its financial performance. The company's better-than-expected Q3 FY23 revenue growth and continued investments despite challenges are positive signs. However, the analyst's decision to cut the price target and reduce EPS estimates due to increased energy costs could negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100