Scotiabank Cuts Freeport-McMoRan FY2026 EPS Forecast to $3.20

Scotiabank lowers FY2026 estimate

Scotiabank analyst O. Wowkodaw lowered the firm’s FY2026 earnings estimate for Freeport-McMoRan to $3.20 per share from $3.35, according to a research report issued on November 2 and reviewed on November 6. The revised figure is an analyst forecast, not a reported company result.

Rating and target retained

Scotiabank maintained a “Sector Outperform” rating and a $78 target price for Freeport-McMoRan shares. The bank also projected FY2027 earnings of $2.57 per share.

Forecast compared with consensus

The reported consensus estimate for Freeport-McMoRan’s current full-year earnings was $3.04 per share. Scotiabank’s revised $3.20 estimate was therefore $0.16 above that figure, while remaining below its prior forecast of $3.35.

Recent company results

Freeport-McMoRan last announced quarterly results on October 27, reporting quarterly earnings of $0.88 per share and revenue of $7.55 billion. The reported quarter included $0.88 in earnings per share, compared with $0.50 in the same quarter a year earlier, while revenue was 8.2% higher year over year. These are reported results and should not be treated as confirmation of the analyst’s forward estimates.

Other analyst views

The review also cited mixed price-target changes from other firms. Barclays raised its target to $84 from $83, UBS Group lowered its target to $85 from $88, Wells Fargo & Company reduced its objective to $79 from $87, and Bank of America increased its objective to $80 from $74. Those actions were reported in notes dated between July 9 and October 28 and provide context rather than developments from November 6.