Freeport-McMoRan Scores A Solid Q3, Analysts Say: 'Benefit From High Copper And Gold Prices'
Freeport-McMoRan Scores A Solid Q3, Analysts Say: 'Benefit From High Copper And Gold Prices'
Raymond James analyst Freeport-McMoRan (NYSE:FCX) closed Wednesday's trading session 1.26% lower at $47.92 as the market further digested its third-quarter earnings results.
麥克莫蘭銅金（NYSE:FCX）週三收盤時下跌1.26%，報47.92美元，市場進一步消化其第三季度業績。
The leading copper miner reported slightly lower earnings per share, coming at $0.36 instead of the expected $0.37, while soundly beating the consensus revenue estimates of $6.44b, with an actual $6.79.
這家領先的銅礦商報告的每股收益略低，爲0.36美元，而不是預期的0.37美元，同時大幅超過了預期的64.4億美元營業收入，實際達到了6.79億美元。
The response from institutions has been mixed.
機構的反應褒貶不一。
- Raymond James raised the price target to $57 from $55, maintaining an Outperform rating.
- RBC Capital Markets maintained a Sector Perform rating with a price target of $58.
- Scotiabank (NYSE:BNS) maintained a Sector Perform rating with a price target of $52.
- 雷蒙德詹姆斯將價格目標從55美元上調至57美元，並維持跑贏市場評級。
- RBC資本市場維持了板塊表現評級，設定了58美元的價格目標。
- Scotiabank（NYSE:BNS）維持了板塊表現評級，設定了52美元的價格目標。
Raymond James analyst Brian MacArthur issued an optimistic view on the miner, quoting sales of 1 billion lbs of copper and 550 Koz of gold in Q3. He noted management's expectations to reach 4.1 billion lbs and 1.8 Moz of gold for 2024 and a cash cost of $1.58 per lb of copper.
雷蒙德詹姆斯的分析師布萊恩·麥克阿瑟發表了對該礦商的樂觀看法，引用了第三季度10億磅銅和550 Koz黃金的銷售額。他指出管理層預計到2024年實現41億磅銅和1.8 Moz黃金的銷售，並將銅的現金成本定爲每磅1.58美元。
Meanwhile, the RBC Capital Market highlighted strong free cash flow (FCF), driven by higher copper and gold prices. The firm estimates Freeport can generate $4.8 billion in FCF for 2025, yielding a 7% return at current spot prices.
與此同時，RBC資本市場強調了由更高的銅和黃金價格推動的強勁自由現金流（FCF）。該公司估計麥克莫蘭銅金可以在2025年創造48億美元的自由現金流，以目前的現貨價格獲得7%的回報。
"Freeport continues to benefit from high copper and gold prices," RBC noted, emphasizing the company's significant leverage to these metals, particularly with copper comprising 75% of its revenue.
摩根大通指出，麥克莫蘭銅金仍在受益於銅和黃金價格上漲，強調該公司對這些金屬的顯着槓桿作用，尤其是銅佔營業收入的75%。
While acknowledging strong financials, RBC noted some near-term risks related to Freeport's Indonesian smelter, which suffered a fire in October. This could delay production ramp-up into 2025. Furthermore, the smelter issue could require an extension of Freeport's concentrate export permit, which expires at the end of the year.
儘管承認強勁的財務狀況，摩根大通指出了一些與麥克莫蘭銅金印尼冶煉廠相關的近期風險，該廠在十月發生火災。這可能會推遲到2025年生產規模的擴大。此外，冶煉廠問題可能需要延長麥克莫蘭銅金的精礦出口許可證，該許可證將在年底到期。
While RBC projects a price target of $58, the potential upside scenario goes as high as $80.
儘管摩根大通預計目標價爲58美元，但潛在的上行情景高達80美元。
Scotiabank's reaction to Freeport-McMoRan's (FCX) Q3 2024 earnings was neutral, though it recognized the company's stronger-than-expected performance. Scotiabank's estimate was lower than the market consensus, at $0.30.
加拿大豐業銀行對麥克莫蘭銅金(FCX)2024年第三季度收益持中立態度，儘管認可該公司表現強於預期。加拿大豐業銀行的估值低於市場共識，爲0.30美元。
Despite the positive earnings, Scotiabank maintained its "Sector Perform" rating on FCX, highlighting a "relatively balanced risk-reward" profile, but slightly reduced its 12-month price target from $52 to $52.
儘管盈利情況良好，加拿大豐業銀行在麥克莫蘭銅金上仍然保持「板塊表現」評級，強調「相對平衡的風險回報」配置，但將其12個月的目標價格由52美元調降至52美元。
Analyst Orest Wowkodaw noted that the multi-year production guidance remained unchanged, with copper cash cost guidance in line with prior expectations. Scotiabank pointed out that the multi-year production guidance remained unchanged, with copper cash cost guidance in line with prior expectations.
分析師奧雷斯特·沃科達指出，多年生產指導意見保持不變，銅現金成本指導符合之前的預期。加拿大豐業銀行指出，多年生產指導意見保持不變，銅現金成本指導符合之前的預期。
It is worth noting that Wowkodaw downgraded Freeport-McMoRan to Sector Perform from Outperform on September 30, citing recent share price appreciation and the negligible implied return to its target for the downgrade after its shares rose 28% through September.
值得注意的是，沃科達在9月30日將麥克莫蘭銅金的評級從「表現優異」下調至「板塊表現」，原因是最近股價上漲以及股價自9月份以來上漲28%後降級的目標隱含回報微不足道。
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譯文內容由第三人軟體翻譯。
