On September 10, Freeport-McMoRan fell 3.48% in pre-market trading, trading at approximately $73.50/share, with turnover of $1.75 million.

On the news front, Bernstein lowered its price target on Freeport-McMoRan to $47 from $50 while maintaining a Market Perform rating. The revised target sits significantly below both the current share price and the analyst consensus mean target of $73.86, signaling a notably bearish stance relative to the broader Street view. The downgrade came just as the stock faced profit-taking pressure following a 4.3% surge in the prior session, which was fueled by LME copper futures breaking above $14,530/ton to a fresh all-time high.

The copper sector traded broadly weaker, with Southern Copper Corp down 1.43% and Ero Copper down 0.39%. Despite the near-term pullback, the fundamental backdrop remains supportive: global copper mine output fell 1.1% in the first half, and UBS projects refined copper shortages widening to 379,000 tons by next year, with prices potentially reaching $15,000/ton by year-end. Freeport-McMoRan's Q2 adjusted EPS of $0.74 beat the $0.59 consensus by over 25%.

(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.)