Barclays raises target for Freeport-McMoRan stock to USD 84.00

Published on 10/20/2026 at 11:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Copper output reached 830 million pounds in Q3 2026. Freeport-McMoRan stock costs EUR 61.46 on October 20, 2026 before results on October 27, 2026.

Copper output and target revisions

Barclays raised its Freeport-McMoRan target from USD 83.00 to USD 84.00 on October 19, 2026.
Freeport-McMoRan produced 830 million pounds of copper in the third quarter of 2026.
Freeport-McMoRan stock trades at EUR 61.46 at 11:40 a.m. CEST at Lang & Schwarz on October 20, 2026.
Third-quarter earnings are scheduled for October 27, 2026.

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Freeport-McMoRan stock is trading at EUR 61.46 at Lang & Schwarz on October 20, 2026 at 11:40 a.m. CEST. On October 19, 2026, MarketBeat reported that Barclays raised its target for Freeport-McMoRan from USD 83.00 to USD 84.00 and maintained an overweight rating.

Why the target moved

The analyst action arrived before Freeport-McMoRan's third-quarter results. The target revision gives the stock a fresh valuation reference in a week when investors are preparing for the company's operational update to be converted into reported earnings.

The previous quarter provides a measurable benchmark. In the second quarter of 2026, Freeport-McMoRan reported revenue of USD 7.03 billion and net income of USD 984 million, compared with USD 7.58 billion of revenue and USD 772 million of net income in the same quarter of 2025, according to Markets Insider.

Three operational milestones

On July 23, 2026, Freeport-McMoRan reported second-quarter revenue of USD 7.03 billion, according to MarketBeat. On October 2, 2026, the company said third-quarter copper production reached 830 million pounds and gold production reached 230,000 ounces in its operational update, published by Freeport-McMoRan. On October 19, 2026, Barclays raised its target to USD 84.00 from USD 83.00, as reported by MarketBeat.

What does the update mean?

The production figures point to a split operating picture. Copper output met expectations, while the company expects third-quarter copper sales of 750 million pounds and gold sales of 100,000 ounces. Gold sales are lower than the July estimate because 60,000 ounces of refined gold sales moved into the fourth quarter, while third-quarter unit net cash costs are expected to run 5 percent above the July estimate of USD 2.00 per pound.

What comes next?

Freeport-McMoRan plans to release third-quarter earnings before the market opens on October 27, 2026, followed by a conference call at 10:00 a.m. Eastern Time, according to Freeport-McMoRan. Management also targets an investment decision by year-end 2026 on doubling Bagdad mine capacity in Arizona.

Stock price and company profile

The next earnings report will test whether the production update translates into revenue and cost performance. The current euro quote places the emphasis on the October 27 release rather than on a new operating figure.

Freeport-McMoRan was trading at EUR 61.46 at Lang & Schwarz on October 20, 2026 at 11:40 a.m. CEST. The company closed the prior quarter with USD 7.03 billion in revenue and USD 984 million in net income, while its third-quarter operational update put copper production at 830 million pounds.

The further course of trading is shown by the continuously updated real-time quote of Freeport-McMoRan stock.