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Benzinga
Benzinga
Business
Akanksha Bakshi

Freeport Slashes Its Outlook, And Still Wins Over Analysts

Freeport FCX FreeportMcMoRan Grasberg
Germany,-,July,24,,2024:,In,This,Photo,Illustration,,Freeport-mcmoran

Freeport-McMoRan, Inc. (NYSE:FCX) moved to reset expectations for its flagship Grasberg mine after completing its investigation into September’s mud-flow incident, issuing lower-than-expected multi-year production guidance while signaling that the worst of the operational overhang is easing.

Scotiabank analyst Orest Wowkodaw upgraded Freeport-McMoRan to Sector Outperform from Sector Perform after the company issued updated production and capex guidance for its Indonesian Grasberg mine.

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