Is Freeport-McMoRan's US-Based Footprint An Advantage? Analyst Upgrades Stock Amid Copper Import Tariff Risk

On Thursday, J.P. Morgan analyst Bill Peterson upgraded Freeport-McMoRan, Inc. (NYSE:FCX) to an Overweight rating from Neutral and raised the price forecast to $52 from $48.

The bullish stance reflects the analyst’s view that tariff-related factors will sustain premium pricing for the company’s U.S.-based operations, alongside long-term supply constraints that support a strong pricing environment across the industry.

Since President Trump’s February 25 announcement that the Department of Commerce would assess whether U.S. copper imports present a national security risk, COMEX copper has maintained an average premium of approximately 10% over LME prices, adds the analyst.

Peterson notes that the review is still in progress, with a conclusion expected by November 22.

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