Freeport-McMoRan Inc. (NYSE:FCX) is one of Goldman Sachs top gold stock picks. On April 24, analysts at Morgan Stanley downgraded Freeport-McMoRan Inc. (NYSE:FCX) to an Equalweight from Overweight. It also lowered its price target to $66 from $70.

Pixabay/Public Domain

The downgrade and price target cut come amid concerns that the long-term prospects for Freeport-McMoRan Grasberg Block Cave remain unchanged. In addition, the research firm expects a slow production ramp at the mine and higher costs to weigh on the stock. Therefore, the new price target accounts for depressed results due to the slower ramp-up in Indonesia.

Similarly, Freeport-McMoRan delivered robust first-quarter 2026 results driven by elevated gold and copper prices. It also achieved strong performance in its North American operations. The company posted net income attributed to common stock of $881 million or 61 cents a share. Revenue in the quarter was up 8.8% to $6.23 billion. The company sold 657 million pounds of copper, 121,000 ounces of gold, and 24 million pounds of molybdenum.

Freeport-McMoRan Inc. (NYSE:FCX) is a leading global mining company that operates the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold mines. As a major byproduct of its copper operations, the company is a top-tier gold producer, with expected annual output of roughly 900,000 to 1.3 million ounces of gold.

While we acknowledge the potential of FCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 11 Best TSX Stocks to Buy According to Hedge Funds and 8 Best Australian Stocks to Buy in 2026.

Disclosure: None. Follow Insider Monkey on Google News.