On July 30, Freeport-McMoRan rose 3.15% in pre-market trading, trading at approximately $61.9/share, with turnover of $1.04 million. The stock is rebounding after two consecutive sessions of decline totaling over 6%, which represented profit-taking following its strong Q2 earnings release.

The copper sector staged a broad recovery, with peers Ero Copper up 4.88%, TREKOR METALS up 3.69%, and Southern Copper up 3.15%. The rebound follows the prior two-day sector-wide selloff. Fundamentally, Freeport-McMoRan's Q2 adjusted EPS of $0.74 beat the consensus estimate of $0.59 by over 25%, while revenue of $7.03 billion exceeded the $6.76 billion estimate. Net income rose 37% year-over-year. The company also guided full-year operating cash flow near $8.3 billion and targets 300 million pounds of copper from U.S. leaching operations by year-end. Analysts maintain an average overweight rating with a mean price target of $73.47, implying approximately 18% upside from current levels.

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