Analysts have been eager to weigh in on the Materials sector with new ratings on Freeport-McMoRan (FCX) and Vale SA (VALE).
Freeport-McMoRan (FCX)
RBC Capital analyst Sam Crittenden maintained a Hold rating on Freeport-McMoRan on January 11 and set a price target of $32.00. The company’s shares closed last Thursday at $31.99.
According to TipRanks.com, Crittenden is a 5-star analyst with an average return of 21.1% and a 59.5% success rate. Crittenden covers the Basic Materials sector, focusing on stocks such as Turquoise Hill Resources, First Quantum Minerals, and Nexa Resources SA.
Currently, the analyst consensus on Freeport-McMoRan is a Strong Buy with an average price target of $28.25, representing a -9.2% downside. In a report issued on January 6, Barclays also maintained a Hold rating on the stock with a $24.00 price target.
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Vale SA (VALE)
In a report issued on January 11, Tyler Broda from RBC Capital maintained a Buy rating on Vale SA, with a price target of $24.00. The company’s shares closed last Thursday at $18.94, close to its 52-week high of $19.00.
According to TipRanks.com, Broda is a 4-star analyst with an average return of 6.8% and a 56.5% success rate. Broda covers the Basic Materials sector, focusing on stocks such as Sibanye Stillwater, Anglogold Ashanti, and Anglo American.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Vale SA with a $22.33 average price target, implying a 20.7% upside from current levels. In a report issued on January 4, Jefferies also maintained a Buy rating on the stock with a $24.00 price target.
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