On August 4, Freeport-McMoRan rose 3.1% in pre-market trading, trading at $65.45/share, with turnover of $2.4138 million. The rally was driven by the company's Q2 earnings report which significantly exceeded market expectations, combined with a wave of analyst target price upgrades.

Freeport-McMoRan reported Q2 adjusted EPS of $0.74, beating the consensus estimate of $0.59 by 25.42%, representing a 37% year-over-year increase from $0.54. Revenue came in at $7.029 billion, surpassing the FactSet estimate of $6.71 billion by approximately 4.8%. Net profit grew 27% year-over-year, supported by the Grasberg mine resuming production as planned.

Following the results, multiple institutions raised their price targets: Barclays to $80 (from $77, maintaining Overweight), BofA Securities to $80 (from $74), UBS to $77 (maintaining Buy), and RBC to $73. The average analyst target stands at approximately $72.88 with a consensus Overweight rating. Copper demand continues to benefit from intensifying global AI data center infrastructure buildout, providing a structural tailwind for the sector.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)