#2 - Freeport-McMorRan (NYSE:FCX)
Freeport-McMoRan Inc. (NYSE: FCX) is another commodity-based stock that is likely to be a solid investment in the next four years and beyond. Freeport is a mining company that is one of the world’s largest producers of copper, gold, and molybdenum. While gold has its own compelling story, investors will want to focus on copper.
Copper demand is likely to soar in the next decade. Too much money has been pumped into the electric vehicle (EV) revolution for it to take a significant step backwards. And the growing demand for data centers will be an additional catalyst for copper.
There simply aren’t many companies capable of meeting that demand. But Freeport is one of them. The company produced a record 4.2 billion pounds of copper in 2023 and believes that number will increase by 800 million pounds by 2027.
FCX stock is up 10% in 2024 despite choppy price action. That volatility was likely due to a slowdown in the EV sector, but it’s likely to smooth out as revenue continues to increase. The Freeport McMoRan analyst forecasts on MarketBeat give the stock an upside of 11%, but those targets are likely to move higher.
About Freeport-McMoRan
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
Read More - Current Price
- $38.86
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $53.92 (38.7% Upside)
