FCX
Another copper cheerleader
Wells Fargo is leaning a little harder into Freeport-McMoRan, lifting its price target to $77 from $64 while keeping the stock at Overweight. Translation: the bank thinks FCX still has room to run, even after a pretty healthy recent move.
Why you should care
Freeport is basically a proxy for copper, and copper is the metal everyone suddenly wants in their group chat again — electrification, grid upgrades, EVs, data centers, the whole shiny industrial future package. When analysts raise targets on FCX, they’re really making a call on that broader demand story.
The setup
The stock was already trading around the high $60s in the after-hours/pre-market snippets tied to the note, so Wells Fargo’s new target says there may still be upside if copper prices stay firm and Freeport keeps executing. Not exactly moonshot territory, but enough to keep bulls from hitting snooze.
Big picture
This is one more reminder that FCX remains one of the market’s favorite ways to bet on the copper supercycle without buying an actual pile of red metal and storing it in your garage.