Scotiabank lowered its fiscal 2026 earnings-per-share forecast for Freeport-McMoRan from $3.35 to $3.20. It maintained its Sector Outperform rating and $78.00 price target.
The revised forecast came shortly after Freeport-McMoRan announced a $4.5 billion expansion and modernization of its Bagdad copper mine in Arizona earlier in the week. The project is expected to significantly increase long-term copper and molybdenum production.
Higher capital spending and a trimmed near-term sales forecast have raised cash-flow concerns. Those concerns reportedly contributed to a recent sharp selloff in the stock.