Investing

Goldman Sachs Raises Price Targets on 3 Red-Hot Stocks to Buy

Goldman Sachs is very positive on Coupa shares:

We were impressed to see billings growth for Coupa accelerate sharply to 33% in the fiscal third quarter, up from 21% in the fiscal second quarter, as the business recovered well from a relatively brief period of disruption. We believe the trajectory of growth should continue to improve through the fiscal fourth quarter and next year, as we believe customers are increasingly shifting spending priorities into workflow automation tools with quick time to value.


The $328 Goldman Sachs price target was raised to a stunning $413. The Wall Street consensus target is down at $284.04. Coupa Software stock closed trading on Tuesday at $314.49 a share.

Freeport-McMoRan

This remains a compelling value at current trading levels, and copper pricing has been on fire. Freeport-McMoRan Inc. (NYSE: FCX) is the world’s largest publicly traded copper and molybdenum producer, and the eighth largest gold producer. Its key operating and development assets are in Indonesia, North and South America, and Africa.

Highly leveraged toward copper mining, the company could be a big player in a scenario of rebuilding and repairing old and battered projects and would clearly benefit from stronger demand and higher prices for industrial commodities.


The Goldman Sachs team has been bullish on the stock (which is on the firm’s prestigious Conviction List) and the sector for some time. The research report said this:

On November 13, PT Freeport Indonesia (PT-FI) and Mitsubishi Materials Corp. signed a memorandum of understanding to expand the Gresik copper smelter and refinery. The expansion is projected to increase capacity by 300,000 tons per year, bringing total capacity to 1.3 Million tons per year. Construction is expected to be completed in 2023, with financing of $250 million provided by PT-FI.

The Goldman Sachs price objective jumped to $35 from $23, well above the $22.36 consensus target. Tuesday closing print for Freeport-McMoRan stock was $24.47.