BofA Highlights Positive Outlook for Freeport-McMoRan Inc. (FCX) on 2026 Metal Prices

Freeport-McMoRan Inc. (NYSE:FCX) is among the 12 Most Promising EV Battery Stocks to Buy Now.

Freeport-McMoRan Inc. (NYSE:FCX) is one of the most promising stocks.

TheFly reported on February 26 that BofA Securities raised its price target for FCX to $81 from $68 while maintaining a Buy rating on the stock. This upgrade comes after the firm revised its 2026 metal price projections, which led to changes in price estimates for all of its North American Metals & Mining coverage.

On February 18, Freeport-McMoRan Inc. (NYSE:FCX) announced that it has signed a Memorandum of Understanding (MOU) with the Indonesian government to extend PT Freeport Indonesia's (PTFI) life-of-resource operational rights in the Grasberg mining zone. The agreement calls for amending PTFI's special mining business license (IUPK) to ensure continued operations, expanding exploration to find long-term resources, providing greater support to local communities, including healthcare and education, and maintaining the priority of domestic downstream production of sulfuric acid, refined copper, and precious metals.

Under the agreement, FCX will keep its 48.76% ownership through 2041 and about 37% thereafter. In 2041, a 12% stake will transfer to government interests at no cost, provided post-2041 investment costs are reimbursed. Existing governance, shareholder agreements, and operations remain in effect, while implementation depends on the Indonesian government issuing an amended IUPK. PTFI plans to complete its extension application promptly to reflect the agreed terms.

Freeport-McMoRan Inc. (NYSE:FCX) is a leading mining company producing copper, a critical component for EV batteries and electric infrastructure, along with gold and molybdenum. Its operations support the growing demand for electric vehicles and renewable energy technologies worldwide.

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