On August 4, Freeport-McMoRan rose 4.73% in regular trading, trading at $66.82/share, with turnover of $116 million. The rally was driven by the companys Q2 earnings report that significantly exceeded market expectations, combined with a wave of analyst upgrades.

Freeport-McMoRan reported Q2 adjusted EPS of $0.74, beating the consensus estimate of $0.59 by approximately 25%, representing a 37% year-over-year increase from $0.54. Revenue came in at $7.03 billion, surpassing the $6.71-6.76 billion estimate by roughly 4.8%. Q2 consolidated production totaled 786 million pounds of copper, 192,000 ounces of gold, and 23 million pounds of molybdenum. The company projected full-year operating cash flow of approximately $8.3 billion.

Following the results, Barclays raised its price target to $80, BofA Securities to $80, RBC to $73, and UBS to $77, all maintaining buy or overweight ratings. Goldman Sachs maintained its buy rating with a $73 target. Copper demand continues to benefit from intensifying global AI data center infrastructure buildout. Within the copper sector, Southern Copper Corp rose 5.46% and Ero Copper gained 5.1%.

(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.)