JPMorgan raises target for Freeport-McMoRan stock to USD 92.00

Published on 10/12/2026 at 11:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Copper output reached 830 million pounds in the third quarter. Freeport-McMoRan stock was EUR 65.84 on October 12, 2026 before October 27 earnings.

Key points in brief

JPMorgan raised its Freeport-McMoRan price target from USD 77.00 to USD 92.00 on October 7, 2026.
Freeport-McMoRan estimated third-quarter copper production at 830 million pounds.
Lang & Schwarz quoted the stock at EUR 65.84 on October 12, 2026 at 11:50 a.m. CEST.
Freeport-McMoRan plans to publish third-quarter earnings on October 27, 2026.

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Freeport-McMoRan stock (ISIN US35671D8570) was trading at EUR 65.84 at Lang & Schwarz on October 12, 2026 at 11:50 a.m. CEST. On October 7, 2026, Markets Insider reported that JPMorgan raised its price target from USD 77.00 to USD 92.00 and kept an Overweight rating.

Three dates shape the copper story

On October 2, 2026, Freeport-McMoRan estimated third-quarter copper production at 830 million pounds and gold production at 230,000 ounces. The company also expected copper sales of 750 million pounds and gold sales of 100,000 ounces for the quarter.

On October 7, 2026, JPMorgan's USD 92.00 target replaced its USD 77.00 target, a 19.48 percent increase calculated from the two published target values. On October 12, 2026, Lang & Schwarz quoted the stock at EUR 65.84, giving the market a fresh euro reference before the company's scheduled results.

What does the target change mean?

The target revision puts copper fundamentals at the center of the analyst case. The linked report says JPMorgan prefers the medium- to long-term outlook for copper over aluminum, while Freeport-McMoRan's Grasberg recovery remains the key operating variable.

The operational update showed mill throughput at Grasberg averaging 140,000 metric tons of ore per day in the third quarter, equal to 67 percent of normalized rates before the September 2025 incident. Freeport-McMoRan said it continued to expect 80 percent of capacity by mid-2027 and near-full capacity by year-end 2027.

Gold timing remains a counter-factor

The October 2 release also identified a timing effect in Indonesia. About 60,000 ounces of refined gold sales were deferred from the third quarter to the fourth quarter, leaving expected third-quarter gold sales at 100,000 ounces.

That timing issue matters because the company expected third-quarter unit net cash costs to be 5 percent above its July estimate of USD 2.00 per pound of copper. At the same time, Freeport-McMoRan estimated its average realized copper price would exceed USD 6.50 per pound.

Results date is October 27

Freeport-McMoRan plans to publish third-quarter earnings before the market opens on October 27, 2026, followed by a conference call at 10:00 a.m. ET. The upcoming report will show whether copper output, Grasberg throughput and deferred gold sales developed in line with the October 2 operating update.

Stock price and market scale

Freeport-McMoRan was trading at EUR 65.84 at Lang & Schwarz on October 12, 2026 at 11:50 a.m. CEST. The primary NYSE listing had a market capitalization of USD 105.9 billion as of October 9, 2026, while its 52-week range was USD 38.54 to USD 80.24.

The further course of trading is shown by the continuously updated real-time quote of Freeport-McMoRan stock.