Arizona-based Freeport-McMoRan Inc. (FCX) is a leading international mining company involved in the mineral exploration and processing of copper, gold, molybdenum, and silver. With a market cap of $52.1 billion, its operations are conducted through PT Freeport Indonesia, Freeport-McMoRan Corporation, and Atlantic Copper.
Shares of FCX have struggled to keep up with the broader market over the past year. FCX has plunged 8.3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 23.3%. In 2025 alone, FCX’s stock dwindled 3.8%, compared to SPX’s 3.2% rise on a YTD basis.
Zooming in further, FCX has also lagged behind the Copper And Metals Mining ETF (ICOP). The exchange-traded fund has gained about 5.4% over the past year and 2.8% in 2025.
On Jan. 23, FCX announced its fourth-quarter earnings report, and its shares dropped more than 8% in the next four trading sessions due to a decline in fourth-quarter production and projected higher-than-expected costs for the year. While EPS of $0.31 surpassed analysts' expectations of $0.22, revenue of $5.72 billion fell short of the anticipated $5.88 billion.
For FY2024, which ended in December, analysts expect FCX’s EPS to rise 18.2% to $1.75 on a diluted basis. The company beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 18 analysts covering FCX stock, the consensus is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings, two “Moderate Buys,” and eight “Holds.”
The configuration is less bullish than a month ago, with 10 “Strong Buy.”
On Jan. 24, Scotiabank analyst Orest Wowkodaw maintained a “Hold” rating on Freeport-McMoRan and set a price target of $45.
The mean price target of $50.23 represents a 37.1% premium to FCX’s current price levels. The Street-high price target of $62 suggests an upside potential of 69.2%.
