UBS boosts Freeport-McMoRan’s stock target to $70, defying analyst consensus
UBS has raised its price target for Freeport-McMoRan’s stock from $60 to $70. The new forecast sits well above the average analyst estimate, signalling strong confidence in the company’s future. Shares are currently trading at $60.54, up nearly 3% on the day.
The updated target of $70 represents a 16.7% increase over UBS’s previous estimate. It also exceeds the broader market consensus, which stands at $59.62 according to FactSet data. This suggests a more optimistic outlook compared to other analysts.
Freeport-McMoRan’s stock has seen a daily gain of $1.69, pushing its price to $60.54. Despite this rise, UBS maintains its ‘buy’ recommendation, reinforcing its positive stance on the company. The bank’s revised target is over 16% higher than the stock’s current trading level. No details were provided about the specific analyst behind the adjustment, but the move highlights UBS’s continued bullish position.
UBS’s $70 target remains significantly above both the current share price and the average analyst forecast. The firm’s recommendation keeps Freeport-McMoRan as a favoured investment. Investors will likely watch for further market reactions in the coming days.
