By Dhirendra Tripathi
Investing.com – Shares of Freeport-McMoran (NYSE:FCX) rose 10% to more than $36.75 after Goldman Sachs (NYSE:GS) bumped up its price target.
Goldman analyst Emily Chieng raised the price target on Freeport-McMoRan to $43 from $36, reiterating a buy-equivalent rating, StreetInsider reported. She initiated coverage in November with the same rating and a $25 price target, according to The Fly. Shares have risen more than 340% over the past 12 months.
Copper, which hit a record in February, is among the hottest metals in the world today as electric vehicles and many renewable energy-based devices and infrastructure use three to four times the amount of copper used by their conventional counterparts. Goldman's metals strategist has a bullish view on the metal, according to Mining.com.
The mining sector is at the start of a supercycle driven by underinvestment in infrastructure, policies supporting more commodity-intensive needs and the jump in government spending, Goldman's Nicholas Snowdon said earlier this week at the virtual World Copper Conference.
Last week, RBC Capital analyst Sam Crittenden set a price target of $40 for the copper and gold miner’s stock, while maintaining a hold.
The current consensus among 10 TipRanks analysts is for a moderate buy rating of Freeport shares, with an average price target of $37.22.
The analysts’ price targets range from a high of $42 to a low of $29.