BMO Cuts Freeport (FCX) Price Target Despite Strong Quarter and U.S. Growth Outlook

Freeport-McMoRan Inc. (NYSE:FCX) ranks among the best non-tech stocks to buy according to billionaires. On July 23, BMO Capital maintained its Outperform rating on Freeport-McMoRan Inc. (NYSE:FCX) but reduced its price objective from $55 to $54. The adjustment comes after what BMO called a “well-executed quarter” for the mining company, though Freeport’s 2025 gold production estimate was unexpectedly lowered.

Despite reducing short-term projections, BMO analyst Katja Jancic stated that the firm remains optimistic about Freeport-McMoRan’s U.S. operations, which should gain from tailwinds that could increase free cash flow and possibly boost shareholder returns.

The research firm stressed that the company’s current risk/reward profile seems favorable, though it acknowledged that tariff uncertainty continues to be a challenge.

Freeport-McMoRan Inc. (NYSE:FCX), commonly referred to as Freeport, is a well-known mining company in the United States. Known as the world’s largest producer of molybdenum, it also plays a major role in the production of copper and runs the world’s largest gold mine, the Grasberg mine in Papua, Indonesia.

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