Movement Alert｜Freeport-McMoRan Falls 3.79% in Regular Trading, Post-Earnings Profit-Taking Compounded by Goldman Sachs Target Price Cut

Market Focus07-24 22:03

On July 24, Freeport-McMoRan fell 3.79% in regular trading, trading at $61.5/share, with turnover of $136 million. The stock extended its post-earnings decline as profit-taking pressure mounted alongside a Goldman Sachs target price reduction.

Freeport-McMoRan reported Q2 adjusted EPS of $0.74, beating the consensus estimate of $0.59 by 25.42% and representing a 37% year-over-year increase. Revenue of $7.03 billion also topped the $6.71 billion estimate but declined from $7.58 billion a year earlier. Despite the earnings beat, the year-over-year revenue drop raised concerns about copper demand and pricing outlook.

On the analyst front, Goldman Sachs trimmed its price target to $73 from $74 while maintaining a Buy rating. RBC Capital raised its target to $73 from $70 with a Sector Perform rating. The average analyst price target stands at approximately $73.47 with an overweight consensus rating.

Freeport-McMoRan is one of the world's largest publicly traded copper producers, with core assets including the Grasberg minerals district in Indonesia, Morenci in Arizona, and Cerro Verde in Peru.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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