Scotiabank has upgraded Freeport-McMoRan Inc (FCX) to Sector Outperform from Sector Perform, signaling a more optimistic outlook for the company. This upgrade, effective November 18, 2025, comes as Freeport-McMoRan continues to demonstrate strong performance in the metals and mining sector.
Freeport-McMoRan, headquartered in Phoenix, Arizona, engages in the mining of copper, gold, and molybdenum. With a market capitalization of $58.2 billion, the company operates geographically diverse assets, including significant reserves in North America, South America, and Indonesia. The firm reported a P/E ratio of 28.07 and an EPS of 1.44 as of the latest financial snapshot.
The move underscores analysts' growing confidence in Freeport-McMoRan's fundamentals and strategic direction. Recent earnings reports have shown consistent outperformance against estimates, including a Q3 2025 EPS of $0.50, surpassing expectations by 21.4%.
Looking ahead, Freeport-McMoRan is set to announce its next earnings on July 20, 2026, with an estimated EPS of $0.52 and revenue of $6.9 billion. Analyst consensus remains positive, with 5 Strong Buy and 14 Buy ratings among 27 total analysts, reflecting a general bullish sentiment towards the company's future prospects.
This update provides insight into the evolving landscape of Freeport-McMoRan's operations and market position, as the firm continues to adapt to industry trends and investor expectations.