Throughout June, several financial institutions raised their price targets for Freeport-McMoRan (FCX) while maintaining positive ratings. Scotiabank increased its target to $77, followed by BNP Paribas raising it to $82, and BMO Capital adjusting it to $78, all maintaining 'Outperform' ratings. Conversely, GuruFocus estimated the stock was 46.4% overvalued despite strong metrics, and other industry players like Newmont saw their price targets lowered by the same analysts during this period.
BMO Capital raised its Freeport-McMoRan target to $78 while trimming Newmont to $135, maintaining Outperform ratings on both major mining stocks.
Read the full storyBNP Paribas adjusted price targets for mining giants, raising Freeport-McMoRan to $82 with an Outperform rating while cutting Newmont to $111.
Scotiabank analysts boosted their outlook for the mining giant while maintaining an outperform rating, despite some valuation models suggesting the stock is overextended.