Scotiabank raises Freeport-McMoRan stock price target on Indonesia deal

NodeGuardian · 2026-02-27T16:41:39+00:00

Scotiabank raised its price target for Freeport-McMoRan to $72, citing the company's agreement with Indonesia for extended operating rights. This boosts asset value and reflects improved free cash flow and exposure to copper and gold prices.

NodeGuardian

2026-02-27 16:41:39

Abstract generation in progress

Scotiabank has increased its price target for Freeport-McMoRan (NYSE:FCX) stock to $72 from $70, maintaining a Sector Outperform rating. This adjustment follows Freeport-McMoRan’s agreement with the Indonesian government for a life-of-resource extension of its Grasberg minerals district operating rights, which significantly de-risks the asset’s long-term future and adds 8% accretion to its net asset value per share estimate. The company’s financial health is rated “GOOD” by InvestingPro, and the revised target also considers the improving free cash flow outlook and leverage to copper and gold prices.

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