Wells Fargo boosts Freeport-McMoRan PT as copper outlook brightens; shares up

Wells Fargo raises price target on copper miner Freeport-McMoRan FCX.N to $55 from $47; reiterates "overweight" rating

Shares of FCX rise ~1% to $51.12 premarket

New PT represents a 8.6% upside to stock's last close

Brokerage said PT hike reflects a positive view on copper prices, but overlooks potentially light production at Grasberg mine, Indonesia, through 2026

"Supply constraints can support tight copper market, especially through Q326" - Wells Fargo

However, the brokerage sees potential hiccups from trade policy, including a possible decision on U.S. copper import tariffs in mid-2026

18 of 23 brokerages rate the stock "buy" or higher and five "hold"; median PT is $49.50 - data compiled by LSEG

As of last close, FCX up ~33% YTD