#4 - Freeport-McMoRan (NYSE:FCX)
If you’re an investor with a long-term focus, Freeport-McMoRan Inc. (NYSE: FCX) presents an intriguing option. The reason for that is the expected copper shortage that’s expected to hit the market in 2028. In 2023 and 2024, demand for copper in many of its core markets (electric vehicles among them) has dried up.
Some will argue that demand for copper in areas like wind turbines and solar panels may remain depressed in a Trump administration. That remains to be seen. But we know that demand for data centers will remain strong. And that will require copper.
Freeport-McMoRan is one of the world’s largest copper miners, with seven different mines in Arizona and New Mexico. The company plans to increase its annual production from 230 billion pounds to over 800 billion pounds.
While the demand for copper may take several years to emerge, analysts have a 12-month price target of $54 on FCX stock. That’s a gain of over 23%, and the company also pays a dividend, which would be attractive considering that you could buy over 100 shares of FCX stock for $5,000.
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
- $43.75
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $54.00 (23.4% Upside)
