On September 30, Freeport-McMoRan rose 3.64% in regular trading, trading at $73.42/share, with turnover of $230 million. On the news front, BMO Capital raised its price target on Freeport-McMoRan to $85 from $78, maintaining an Outperform rating.

The upgrade follows a series of bullish analyst actions. RBC recently lifted its target to $85 from $73, while Raymond James raised its target to $83 from $76 and Argus set its target at $78, all reflecting growing confidence in the copper outlook. According to FactSet, the stock carries an average overweight rating with a mean price target of $74.73.

Fundamentally, UBS highlighted that the global refined copper deficit is expected to widen from 219,000 tonnes to 379,000 tonnes next year, with copper prices projected to reach $15,000/tonne by year-end. Supply-side constraints remain elevated, as new project capital intensity has surged roughly 65% compared to prior years. The company also reported strong Q2 results, with adjusted EPS of $0.74 beating estimates of $0.59 by over 25%.

Within the Copper sector, stocks broadly advanced, with Idaho Copper Corporation up 3.37%, Southern Copper Corp up 3.17%, Ero Copper up 2.53%, and TREKOR METALS up 1.91%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)