Scotiabank trims Freeport target, keeps the bull case

Same bull, slightly smaller megaphone

Scotiabank kept its Sector Outperform call on Freeport-McMoRan, but nudged the price target down to $71. Translation: the bank still likes the stock, but it’s not pretending the path up is a straight line to the moon.

Why you should care

For a miner like Freeport, analyst notes matter because the whole thesis lives and dies with copper, global demand, and the market's mood swings. A lower target doesn’t mean the story is broken — it just means someone on Wall Street looked at the map again and decided the hike might take a little longer.

The copper club stays open

Freeport remains one of the cleaner ways investors play copper exposure, and that keeps it on plenty of watchlists whenever growth, infrastructure spending, or supply tightness gets whispered about. So even a modest haircut to the price target can move the stock if traders are already in “did the analyst just blink?” mode.

Big picture

This is still a supportive note, not a breakup letter. If you own FCX, the takeaway is simple: the market’s still being told to stay interested — just maybe keep one eyebrow raised.