Freeport-McMoRan Inc FCX stock just made a so-called “golden cross,” one week ahead of reporting fourth-quarter (Q4) earnings.
The 50-day SMA crossed over the 200-day SMA on Jan. 17, indicating a bullish trading sentiment over the stock.
Fidelity’s Upbeat Outlook for 2024
The stock is one of Fidelity’s 5 material sector picks for 2024. Fidelity highlights attractive demand-supply dynamics for this major global copper supplier, making it a compelling choice in the sector amid rising demand and potential surge in copper prices.
Aging mines and diminishing ore quality in key copper-producing nations hint at a potential surge in copper prices amid rising demand, making Freeport-McMoRan a compelling choice in the sector.
Goldman Sachs’ Optimistic View
A recent Goldman Sachs’ report suggests that Freeport-McMoRan stock could outperform. It notes that the stock is trading at a 14% discount from its sector median and presents a perfect pick based on Goldman’s criteria.
As Freeport-McMoRan prepares to report its Q4 earnings on Jan. 24, Wall Street expects the company to perform strongly, with anticipated EPS of 24 cents and revenue of $5.86 billion.