Freeport-McMoRan Inc. (NYSE:FCX) is one of Goldman Sachs’ top gold stock picks. On April 24, analysts at Morgan Stanley downgraded Freeport-McMoRan Inc. (NYSE:FCX) to Equalweight from Overweight. It also lowered its price target to $66 from $70.
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The downgrade and price target cut come amid concerns that the long-term outlook for the Freeport-McMoRan Grasberg Block Cave remains unchanged. Additionally, the research firm expects a slow production ramp at the mine and higher costs to weigh on the stock. Therefore, the new price target represents depressed results due to the slower increase in Indonesia.
Similarly, Freeport-McMoRan delivered strong results in the first quarter of 2026 driven by elevated gold and copper prices. It also achieved strong performance in its North American operations. The company reported net income attributable to common shares of $881 million, or 61 cents per share. Revenue in the quarter rose 8.8% to $6.23 billion. The company sold 657 million pounds of copper, 121,000 ounces of gold and 24 million pounds of molybdenum.
Freeport-McMoRan Inc. (NYSE:FCX) is a leading global mining company that operates the Grasberg mineral district in Indonesia, one of the largest copper and gold mines in the world. As a major byproduct of its copper operations, the company is a top-tier gold producer, with expected annual production of approximately 900,000 to 1.3 million ounces of gold.
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