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The future for Freeport-McMoRan looks bright, according to HSBC. The bank upgraded shares of the mining company to buy rating from hold. Analyst Jonathan Brandt also lifted his price target to $50 per share from $43, signaling a 20% gain ahead. Brandt said his rating change and increase in the company’s estimates over the next two years were due to higher metals price assumptions. These higher prices have stemmed from recent market volatility and significant supply disruptions, especially in the case of platinum and copper. Freeport-McMoRan has probable mineral reserves in copper, gold and molybdenum. Copper prices are up 23% year to date, outpacing the S & P 500’s 13.7% advance. Gold has soared 63% to record levels. FCX YTD mountain FCX YTD chart “We expect FCX to benefit from the strength in copper and gold prices, and note the significant recent underperformance; we upgrade to Buy,” he wrote. Analysts believe that copper demand will surge in the next decade , which could further drive shares of Freeport-McMoRan higher. The metal is essential for the semiconductors, cables and cooling systems that are a vital force behind the artificial intelligence boom. Shares of Freeport-McMoRan have added 10% this year. Analysts overall are split on Freeport, however. LSEG data shows that 14 of 23 who cover the stock rate it a buy or strong buy, while the remaining nine have a hold rating on it. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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