Freeport is having to pay though the nose now for renewed smelting contracts, with increases topping 30%. That development will inflict a major dent on their margins. A growing glut in copper supply is the culprit. Considering these headwinds, I'm looking at below thirty dollars a share for an FCX entry point to provide a sufficient margin of safety.
Copper over supply was always the risk for FCX although with increased volumes and lower costs there is still plenty of positive cash flow. The big upside is some upcoming good news from the O&G business. Can't see you getting your wish at below $30.