Freeport-McMoRan's $0.5 Billion Volume Ranks 199th as Morgan Stanley Upgrades to Overweight on Copper Tariff Tailwinds Amid Market Volatility

On August 14, 2025, Freeport-McMoRan (FCX) traded with a volume of $0.5 billion, ranking 199th in market activity. The stock closed down 1.08%, reflecting mixed sentiment ahead of its next earnings cycle. Recent analyst activity highlights a strategic shift in positioning, with Morgan Stanley upgrading the stock to Overweight and setting a $48 price target, a 23% upside from its current level. The firm cited ongoing benefits from U.S. copper tariffs, which apply to 50% of Freeport’s domestic operations, as a key driver for near-term resilience despite broader market volatility.

Analysts emphasized the company’s operational flexibility amid evolving trade dynamics. Elevated gold prices also contributed to reduced unit cash costs, supporting margin stability. However, recent tariff-related headwinds—particularly from Trump’s 50% import duties on copper cathodes—have created near-term uncertainty. Morgan Stanley noted that while these adjustments temper short-term growth, they position Freeport to capitalize on price premiums for copper rod in North America, a critical revenue stream.

Freeport’s Q2 2025 results underscored its operational strength, with earnings per share of $0.54 and revenue of $7.58 billion surpassing expectations. Despite these figures, the stock faced pressure from macroeconomic concerns, including inflationary risks and potential U.S. interest rate adjustments. BMO Capital maintained an Outperform rating, trimming its price target to $54, while affirming confidence in the stock’s valuation at 6 times estimated 2026 EBITDA.

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