Freeport-McMoRan stock target raised by Raymond James By


On Wednesday, Raymond James changed its outlook on Freeport-McMoRan (NYSE: ), the popular mining company, by raising its price target to $49.50 from $46.00 previously. The company maintained an Outperform rating on the stock. The update reflects the financial information that Freeport-McMoRan disclosed about its sales and prices for a while, as well as the expected cost of educational expansion in 2024.

As of December 31, 2023, Freeport-McMoRan had purchased its copper mining stock at an average of $3.87 a pound, and 223 million pounds of cash was recorded. The company estimated that a change of $0.05 from the fixed price could affect the total revenue of 2024 by about $7 million. Raymond James expects a short-term change in prices in the first quarter.

Additionally, the quarterly forward price of $4.00 per pound is important because it is used to capture copper sales pending final prices in subsequent periods. This front price is very important in determining the average copper price of this period. Freeport-McMoRan typically lists about half of its copper sales at the forward price and the other half at the mid-quarter price.

In addition, Freeport-McMoRan is participating in studies related to future expansion projects. Fees associated with these courses are paid as they are done. The company estimates that the course will cost about $200 million in 2024.

Raymond James has updated its forecast for Freeport-McMoRan based on the financial information provided and the company’s current and future performance. These price increases reflect the company’s recent assessment of Freeport-McMoRan’s financial position and operating strategy.

InvestingPro Insights

Following Raymond James’ updated opinion on Freeport-McMoRan, real-time data from InvestingPro provides additional information on the company’s financial and market performance. With a market capitalization of $70.87 billion, Freeport-McMoRan has a price-to-earnings ratio (P/E) of 38.55, indicating investor confidence and value. The company’s price-to-book (P/B) ratio stands at 4.24, indicating that the stock may trade at a premium compared to its market value.

Despite a slight increase in earnings of 0.33% in the last twelve months starting from Q4 2023, Freeport-McMoRan has shown strong price performance with a return of 27.55% for one month and a return of 34.16% for the last six months, which indicates interest of investors. . This performance is in line with one of InvestingPro’s Recommendations which indicates a strong return for the company in the last month. Also, the stock is trading close to 52 weeks, at 99.07% interest rate, which can be interesting for investors.

Investors considering Freeport-McMoRan can also benefit from 15 additional InvestingPro Guides available, which provide in-depth information on the company’s financials and market performance. For those who want to advance this knowledge, use coupons PRONEWS24 to receive an additional 10% on annual or bi-annual Pro and Pro+ subscriptions InvestingPro.

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