There’s a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Freeport-McMoRan (FCX – Research Report) and Albemarle (ALB – Research Report) with bullish sentiments.
Freeport-McMoRan (FCX)
In a report issued on October 20, Eunyoung Lee from DBS maintained a Buy rating on Freeport-McMoRan, with a price target of $55.00. The company’s shares closed last Monday at $33.51.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Freeport-McMoRan with a $46.40 average price target, representing a 37.8% upside. In a report issued on October 19, BMO Capital also maintained a Buy rating on the stock with a $45.00 price target.
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Albemarle (ALB)
DBS analyst Duncan Chan maintained a Buy rating on Albemarle on October 20 and set a price target of $260.00. The company’s shares closed last Monday at $136.28.
Currently, the analyst consensus on Albemarle is a Moderate Buy with an average price target of $252.17, an 84.7% upside from current levels. In a report issued on October 8, RBC Capital also maintained a Buy rating on the stock with a $260.00 price target.
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Read More on FCX:
- Freeport-McMoRan price target lowered to $45 from $47 at BMO Capital
- Freeport-McMoRan price target lowered to $41 from $44 at Morgan Stanley
- Freeport-McMoRan price target lowered to $47 from $48 at Scotiabank
- Freeport-McMoRan says Indonesia smelter commissioning expected in 2024
- Freeport-McMoRan continuing work on potential expansion of Bagdad mine
