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2 Copper Stocks To Buy Right Now | The Mesh Report

2 Copper Stocks To Buy Right Now

The Gold Enthusiast September 30, 2021 Comments Off on 2 Copper Stocks To Buy Right Now

Precious metal prices have been on the rise in 2020, and one analyst is bullish on two big-name copper producers.

Bank of America analyst Lawson Winder reinstated coverage of Teck Resources Ltd (NYSE: TECK) with a Buy rating and $36 price target. He also reinstated coverage of Freeport-McMoRan Inc (NYSE: FCX) with a Buy rating and $39 price target.

The Thesis: Winder said Teck is building a massive copper mine in Chile that will double the company’s copper production to 583,000 tons in 2025. At the same time, the copper project will reduce the company’s exposure to steelmaking coal to just 37% of 2025 EBITDA.

Winder said the copper market has a mixed outlook in the next couple of years, but he is bullish on low-cost production growth and says copper is a solid long-term investment beyond 2025.

“We believe that decarbonization means increased metal intensity. Often this means electrification, requiring ever more copper,” Winder wrote in a note.

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