Freeport-McMoRan stock gets a USD 83.00 Barclays target

Published on 10/07/2026 at 16:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock drew an USD 83.00 Barclays target on October 6, 2026, up from USD 82.00. Copper output reached 830 million pounds in Q3.

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Freeport-McMoRan stock (ISIN US35671D8570) was trading at USD 71.47 on the NYSE on October 7, 2026, down 1.50 percent at 10:22 a.m. ET. The immediate catalyst was Barclays raising its target from USD 82.00 to USD 83.00 while retaining an Overweight rating, as Markets Insider reported on October 6, 2026.

Barclays raises its target

The new Barclays target stands 16.1 percent above the October 7 price. That gap is narrower than the target implies in isolation because the stock remains 10.9 percent below its 52-week high of USD 80.24, while the 52-week low is USD 38.54.

MarketBeat reported on October 6, 2026, that Wells Fargo raised its target from USD 70.00 to USD 87.00 and kept an Overweight rating. The same MarketBeat report placed the analyst consensus at Moderate Buy with an average target of USD 74.67 from 25 analysts, 4.5 percent above the current price.

Grasberg recovery shapes the story

Freeport-McMoRan's October 2, 2026 operational update reported third-quarter copper production of 830 million pounds and gold production of 230 thousand ounces. Copper sales were projected at 750 million pounds, while gold sales were set at 100 thousand ounces after 60 thousand ounces of refined gold sales moved into the fourth quarter, according to Freeport-McMoRan.

The operational split matters for the valuation debate. Grasberg mill throughput averaged 140,000 metric tons of ore per day in the third quarter, with the Block Cave contributing 70,000 metric tons per day. The company continues to target 80 percent of capacity by mid-2027 and near-full capacity by year-end 2027, while the Eastern Java smelter restarted in late August 2026.

Q3 results arrive October 27

Freeport-McMoRan plans to publish third-quarter results before the market opens on October 27, 2026, with a conference call at 10:00 a.m. ET. Its second-quarter revenue was USD 7.03 billion and net income was USD 984 million, compared with USD 7.58 billion and USD 772 million a year earlier, according to Markets Insider.

The October 7 quotation places the company at a market capitalization of USD 102.7 billion, with 1,449,491 shares traded at the cited time. For investors, the next test is whether Grasberg's operating recovery can translate the production progress into stronger sales and margins.