Barclays raised target for Freeport-McMoRan stock to USD 84.00

Freeport-McMoRan (ISIN US35671D8570) reported 830 million pounds of copper production for the third quarter of 2026 in an operational update dated October 2, 2026, according to Freeport-McMoRan. The company also scheduled its third-quarter results and conference call for October 27, 2026.

Copper output frames the update

The same release put third-quarter gold production at 230,000 ounces and copper sales at 750 million pounds. Gold sales were expected at 100,000 ounces, while roughly 60,000 ounces of refined gold sales shifted from the third quarter to the fourth quarter because of timing in Indonesia.

Cost control is the central operating issue. Freeport-McMoRan said third-quarter unit net cash costs were expected to run 5 percent above its July estimate of USD 2.00 per pound of copper, mainly because deferred gold sales reduced by-product credits.

What does the Grasberg update mean?

Grasberg mill throughput averaged 140,000 metric tons of ore per day in the third quarter of 2026, equal to 67 percent of normalized rates before the September 2025 incident. The company said it continued targeting 80 percent of capacity in mid-2027 and near-full capacity by year-end 2027, according to Freeport-McMoRan.

For comparison, second-quarter 2026 revenue was USD 7.03 billion and net income attributable to common shareholders was USD 984 million, according to MarketBeat. The prior-year comparison in that report showed revenue of USD 7.58 billion and net profit of USD 772 million.

Analyst target and reporting dates

Barclays raised its Freeport-McMoRan price target from USD 83.00 to USD 84.00 on October 19, 2026, while maintaining an overweight rating, according to MarketBeat. Freeport-McMoRan's next reported date was October 27, 2026, and its conference call was scheduled for the same date at 10:00 a.m. ET, according to the company release.

The company reported USD 7.03 billion in second-quarter 2026 revenue and USD 984 million in net income, while the October operating update pointed to lower gold sales and higher unit costs in the third quarter. That combination makes the results a direct test of whether copper production can offset pressure from by-product credits.

Stock quote in euros

Freeport-McMoRan was trading at EUR 58.85 at Lang & Schwarz on October 27, 2026, at 12:11 p.m. CEST. The primary listing is on the NYSE, where the stock closed at USD 65.16 on October 26, 2026.

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

Market context: Market report S&P 500.

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