Positive Outlook For Copper Miners In 2024: Freeport Has 11% Upside, While This Small Cap Boasts 120% Upside
Portfolio Pulse from Surbhi Jain
The global copper market is expected to see a balance in 2024 with demand recovery and supply tightening, according to JPMorgan. Key indicators include a 1.2% increase in global output and a significant drop in spot treatment charges, indicating a tight market. JPMorgan's bullish outlook is supported by a 3.5% growth in China's demand and recovery in the Rest of the World. Freeport-McMoRan Inc (FCX) and Ivanhoe Electric Inc (IE) are highlighted as U.S. traded stocks with significant upside potential.
February 07, 2024 | 10:37 pm
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POSITIVE IMPACT
Freeport-McMoRan Inc (FCX) has an 11% upside potential according to JPMorgan, with a price target of $43.
The positive outlook on the copper market by JPMorgan, coupled with the specific mention and price target for FCX, suggests a strong potential for stock appreciation. The 11% upside is based on market recovery and supply constraints.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ivanhoe Electric Inc (IE) has a 120% upside potential according to JPMorgan, with a price target of $18.
Given the bullish outlook on copper and the significant upside potential identified by JPMorgan, IE stands to benefit greatly. The 120% upside is indicative of the expected demand recovery and supply tightening in the copper market.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90