Citi raised target for Freeport-McMoRan stock to USD 84.00

Published on 10/13/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport reported 830 million pounds of copper in the third quarter of 2026. Freeport-McMoRan stock costs EUR 65.56 versus EUR 65.90 on October 13, 2026.

Key points in brief

Citi raised its Freeport-McMoRan target from USD 66.00 to USD 84.00 on October 5, 2026.
Freeport reported 830 million pounds of copper production in the third quarter of 2026.
The stock was at EUR 65.56 at Lang & Schwarz on October 13, 2026, 0.52 percent below the Xetra close of EUR 65.90.
Freeport plans to publish third-quarter earnings on October 27, 2026, before the market opens.

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Citi raised its target for Freeport-McMoRan stock from USD 66.00 to USD 84.00 in a note dated October 5, 2026, as Markets Insider reported. At Lang & Schwarz, the stock was trading at EUR 65.56 on October 13, 2026, at 11:34 a.m. CEST, 0.52 percent below the Xetra close of October 12, 2026, at EUR 65.90.

Grasberg recovery shapes the target

The target increase followed Freeport-McMoRan's October 2, 2026, operational update. According to Freeport-McMoRan, third-quarter 2026 consolidated copper production reached 830 million pounds, while gold production reached 230,000 ounces. Copper sales were expected at 750 million pounds for the quarter, and gold sales were expected at 100,000 ounces.

The company said mill throughput at the Grasberg Block Cave averaged 140,000 metric tons of ore per day in the third quarter of 2026. That represented 67 percent of normalized rates before the September 2025 incident, with 70,000 metric tons per day coming from the Block Cave.

What must improve for USD 84.00?

Freeport expects Grasberg to reach 80 percent of capacity in mid-2027 and approach full capacity by the end of 2027. The company also said upgrades to the material handling system should be completed by early 2027, while production from Production Block 1S is targeted to restart by mid-2027.

The operational update also contained a cost warning. Third-quarter unit net cash costs were expected to be 5 percent above the July 2026 estimate of USD 2.00 per pound of copper, largely because deferred gold sales reduced by-product credits. That cost pressure is the main counterweight to the bullish Grasberg and copper thesis.

Results date sets the next test

Freeport plans to release third-quarter 2026 earnings before the market opens on October 27, 2026, and to hold its conference call at 10:00 a.m. ET, according to Freeport-McMoRan. The report will test whether copper output, Grasberg throughput and cash costs are tracking the assumptions behind Citi's USD 84.00 target.

Freeport-McMoRan had a market capitalization of USD 105.4 billion as of October 12, 2026. Its primary listing is on the NYSE, and the company is a member of the S&P 500.

Stock remains below the Xetra close

The Lang & Schwarz price of EUR 65.56 on October 13, 2026, stood EUR 0.34 below the Xetra close of EUR 65.90 on October 12, 2026, a decline of 0.52 percent against that reference. The euro quote was intraday during the Xetra session.

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