HSBC has upgraded Freeport-McMoRan Inc (FCX) to a Buy rating from Hold, signaling a more favorable outlook on the company’s prospects. The upgrade, effective October 16, 2025, comes as Freeport-McMoRan continues to demonstrate strong performance in the metals and mining industry, particularly in copper, gold, and molybdenum mining.
Headquartered in Phoenix, Arizona, Freeport-McMoRan operates several key assets across North America, South America, and Indonesia, including the Morenci and Cerro Verde copper mines. The company boasts significant proven and probable mineral reserves, employing approximately 28,500 full-time staff.
As of now, Freeport-McMoRan’s stock is trading at $41.12, with a market capitalization of $55.8 billion. The company has a price-to-earnings (P/E) ratio of 26.91 and an earnings per share (EPS) of 1.44. Its dividend yield stands at 155.2%. The upcoming earnings report is anticipated on July 20, 2026, with an estimated EPS of $0.64 and revenue of $7.9 billion.
This upgrade reflects improved analyst sentiment, which may stem from better-than-expected business performance or increased confidence in the company’s strategic direction. Analyst ratings serve as professional assessments based on research and financial models, but they should be viewed as one of many factors when making investment decisions.
Recent ratings from various analysts indicate a consensus of Buy, with 5 Strong Buy, 14 Buy, and 8 Hold ratings as of November 1, 2025. Notably, HSBC's upgrade follows a series of positive earnings surprises from Freeport-McMoRan, including a Q3 2025 EPS of $0.50, exceeding estimates by 21.4%. Such decisions reflect a growing optimism about the company’s future performance in a competitive industry.