Is Freeport-McMoRan (FCX) Priced For Perfection On Cash Flow?

Freeport-McMoRan has delivered a powerful run over the past few years, and the share price now reflects a lot of optimism around copper and cash generation. The open question is whether the company’s current US$69.62 stock price lines up with what its cash flows can reasonably support. Freeport-McMoRan has returned 102.9% over the past 3 years, which puts a lot of weight on whether the underlying cash flows are strong enough to justify that kind of gain. Recent news around copper demand for...