As we mentioned previously, SFR has trod a very similar path to FCX over the last 12-months including a ~30% correction in early 2025. SFR delivered a steady earnings update this month covered Here, which gives us no reason to doubt its ability to follow its global peers higher.
- We are targeting the $22 area, or 6-8% higher, for this leg up by SFR – MM owns SFR in its Active Growth Portfolio.
Hence, we may move back our original position size into such a move – as the prevailing weight has increased.
MM is long and bullish SFR ~$20
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