Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?
Portfolio Pulse from Surbhi Jain
JPMorgan analyst Bill Peterson compares Freeport-McMoRan Inc (FCX) and Teck Resources Ltd. (TECK), highlighting the copper market's dynamics. FCX and TECK are significant players in the Global X Copper Miners ETF (COPX), with their stocks up 16.45% and 11.50% YTD, respectively. Peterson forecasts demand improvement as the next growth phase for copper, favoring TECK for its growth potential and valuation, giving it an Overweight rating with a $50 price target. FCX receives a Neutral rating with a $52 target, noted for its stability but limited upside compared to TECK.

April 17, 2024 | 1:18 pm
News sentiment analysis
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NEUTRAL IMPACT
Freeport-McMoRan Inc receives a Neutral rating from JPMorgan, with a price target of $52, indicating a 19% upside. The company is recognized for its stability and incremental upside.
FCX's Neutral rating reflects its stable position and incremental growth potential in the copper market, but limited upside compared to TECK.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Global X Copper Miners ETF (COPX) has seen a YTD increase of over 20%, with FCX and TECK being key components. The ETF's performance reflects the positive momentum in the copper market.
COPX's performance is directly influenced by the copper market's dynamics and the performance of its major holdings, FCX and TECK, which have both shown positive YTD growth.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Teck Resources Ltd. is favored by JPMorgan with an Overweight rating and a $50 price target, suggesting a 35% upside. The company's growth potential and favorable valuation, especially with its copper exposure, make it a preferred choice.
TECK's Overweight rating and higher price target are based on its significant growth potential, favorable valuation, and strategic positioning in the copper market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90