10:10 AM EDT, 04/16/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $11 to $62, which assumes FCX will trade at an EV/EBITDA of 7.5x our 2025 EBITDA estimate, a discount to peers, which are trading at an average forward EV/EBITDA of 8.6x. Our assumed EV/EBITDA is above FCX's three-year average forward EV/EBITDA of 6.6x, which we think is warranted by our view that we are in the early innings of a strong copper bull market. We raise our 2024 EPS estimate by $0.05 to $2.60 and 2025's by $0.18 to $3.12. Copper prices have surged 12.6% year-to-date through April 15, and we anticipate the copper price to continue to appreciate throughout 2024 and 2025. Our bullish outlook is driven by robust demand growth from traditional copper-consuming markets (construction and industrial) and incremental demand from secular growth in electrification and decarbonization. When combining strong demand with new supply constraints (especially in Central and South America), we anticipate a supply deficit in 2024 and every year through the end of this decade.