On July 24, Freeport-McMoRan fell 3.79% in regular trading, trading at $61.5/share, with turnover of $136 million. The stock extended its post-earnings decline as profit-taking pressure mounted alongside a Goldman Sachs target price reduction.

Freeport-McMoRan reported Q2 adjusted EPS of $0.74, beating the consensus estimate of $0.59 by 25.42% and representing a 37% year-over-year increase. Revenue of $7.03 billion also topped the $6.71 billion estimate but declined from $7.58 billion a year earlier. Despite the earnings beat, the year-over-year revenue drop raised concerns about copper demand and pricing outlook.

On the analyst front, Goldman Sachs trimmed its price target to $73 from $74 while maintaining a Buy rating. RBC Capital raised its target to $73 from $70 with a Sector Perform rating. The average analyst price target stands at approximately $73.47 with an overweight consensus rating.

Freeport-McMoRan is one of the world's largest publicly traded copper producers, with core assets including the Grasberg minerals district in Indonesia, Morenci in Arizona, and Cerro Verde in Peru.

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