Copper Bulls Rejoice As Freeport-McMoRan Stock Gleams With Golden Cross Triumph
Portfolio Pulse from Surbhi Jain
Freeport-McMoRan Inc (NYSE:FCX) experienced a 'golden cross' as its 50-day SMA crossed over its 200-day SMA, indicating bullish sentiment. The company, a major global copper supplier, is one of Fidelity's top material sector picks for 2024 due to favorable demand-supply dynamics. Goldman Sachs' report suggests FCX could outperform, noting its 26% gross margin five-year average and its trading at a 14% discount to the sector median EV/EBITDA. Freeport-McMoRan is set to report Q4 earnings on Jan. 24 with expected EPS of 24 cents and revenue of $5.86 billion.
January 18, 2024 | 5:20 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Freeport-McMoRan's stock shows a bullish 'golden cross' pattern and is highlighted as a top pick by Fidelity and Goldman Sachs for strong demand-supply dynamics and potential outperformance.
The 'golden cross' is a strong technical indicator that often leads to increased investor interest and potential stock price appreciation. Fidelity's endorsement as a top material sector pick for 2024 and Goldman Sachs' positive outlook based on the company's gross margin and valuation discount suggest a favorable perception among analysts, which could drive short-term price momentum. The upcoming Q4 earnings report will be a critical event that could further influence the stock's performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100