Freeport-McMoRan Inc. (NYSE:FCX) is one of the 15 Best Precious Metal Stocks to Buy According to Wall Street Analysts.

On April 24, 2026, UBS raised its price target on Freeport-McMoRan Inc. (NYSE:FCX) to $74 from $66 and maintained a Buy rating. Meanwhile, Morgan Stanley took a more cautious stance, downgrading Freeport-McMoRan Inc. (NYSE:FCX) to Equal Weight from Overweight while cutting its price target to $66 from $70. The firm said the long-term outlook for the Grasberg Mine remains intact, but a slower production ramp-up and temporarily higher costs are likely to weigh on shares in the near term. Morgan Stanley also lowered estimates to reflect reduced output from Indonesia and said the stock now offers a more balanced risk-reward profile.

On April 23, 2026, Jefferies lowered its price target on Freeport-McMoRan Inc. (NYSE:FCX) to $75 from $76 while maintaining a Buy rating. The firm updated its model to reflect changes to Grasberg guidance and estimated a negative $2.2 billion impact on net present value. Jefferies said recovery will take time, but still sees Freeport as a long-term way to gain exposure to rising copper prices.

Also on April 23, Freeport reported Q1 adjusted EPS of 57 cents, beating consensus estimates of 47 cents, while revenue rose to $6.23 billion from expectations of $5.96 billion. CEO Kathleen Quirk said the company delivered higher revenue, cash flow, and earnings despite reduced capacity in Indonesia and remains focused on safely restoring operations at Grasberg, improving efficiency across its Americas operations, and advancing its long-term growth pipeline.

Pixabay/Public Domain

Freeport-McMoRan Inc. (NYSE:FCX) mines copper, gold, molybdenum, silver, and other metals across North America, South America, and Indonesia.

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: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.