Freeport-McMoRan Stock Eyes 4th Day Of Gains: What’s Driving The Rally?

Freeport-McMoRan stock gained over 2% in premarket trading on Wednesday after brokerages turned bullish on the copper miner.

Wall Street’s optimism around Freeport could help the company log the fourth consecutive day of gains after an 11.7% decline in September, due to the temporary closure of its Grasberg mine in Indonesia following a mud-flow incident, which resulted in the deaths of seven workers.

Retail sentiment on Stocktwits about Freeport was still in the ‘bearish’ territory at the time of writing.

According to The Fly, Wells Fargo initiated coverage of Freeport-McMoRan with an ‘Overweight’ rating and kept a price target of $47. The brokerage reportedly expects a tight 2026 copper market due to production disappointments from large mines, including QB2, Kamoa-Kakula, and Freeport’s Grasberg.

Freeport said last month that for the third quarter of 2025, its consolidated sales are expected to be approximately 4% lower for copper and approximately 6% lower for gold than it estimated in July. Its output from Indonesian operations could potentially be approximately 35% lower than pre-incident estimates in 2026, it also stated.

Wells Fargo analysts reportedly said that despite the copper miner’s warning, the brokerage is willing to look past the disruption and find an attractive entry point, with higher commodity prices helping offset lost output. Copper prices have been pushed higher due to the mine closure, while Freeport is also expected to benefit from higher gold prices, as it also produces the yellow metal as a byproduct.

Separately, Citi upgraded Freeport-McMoRan to ‘Buy’ from ‘Neutral’ with an unchanged $48 price target. As per The Fly, the brokerage noted that the stock is oversold following the Grasberg incident and represents a rare opportunity to buy into the world’s largest copper miner at a discount.

Freeport stock has gained 6.6% this year.

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