FCX Maintained by UBS -- Price Target Raised to $78.00

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.

Bank of America analysts favor copper and uranium producers due to supply constraints and demand growth, while higher US interest rates may pressure gold. They downgraded Kinross Gold and Alamos Gold, raised Freeport-McMoRan's price target to $87, and maintained a 'Buy' rating on Cameco with a $133 target. Copper price forecasts were increased, with 2026 average seen at $13,278 a ton and 2027 at $15,250.

Morgan Stanley maintained its Equal-Weight rating on Freeport-McMoRan (FCX) but raised its price target to $75 from $70. GuruFocus values FCX at $49.47, suggesting a 44.6% overvaluation. Insiders have sold $8.4M in shares recently. FCX has a GF Score of 84/100, with strengths in growth and profitability but concerns over valuation.

JPMorgan raised its price target for Freeport-McMoRan to $92 from $77. Deutsche Bank also increased its target to $80 from $70, maintaining a buy rating. The stock closed at $72.56, down 0.06%.

Freeport-McMoRan reported Q3 2026 copper production of 830 million lb, meeting expectations. U.S. operations faced weather-related issues, while international operations performed better. Grasberg's recovery is on track, with full capacity expected by late 2027. The Eastern Java smelter restarted in late August 2026.

Freeport-McMoRan (FCX) reports Grasberg mine ramp-up on track post-mudslide, aiming for 80% capacity by mid-2027 and full capacity by year-end. Q3 copper sales projected at 750M lbs, gold at 100K ozs, below July 2026 forecast. Shares rose 3.2% on the news.