Freeport-McMoRan
This is one of the top picks across Wall Street in its sector and an outside way to play the electric vehicle trend. Freeport-McMoRan Inc. (NYSE: FCX) is the world’s largest publicly traded copper and moly producer, as well as the eighth largest gold producer. Its key operating and development assets are in Indonesia, North America, 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 it clearly would benefit from stronger demand and higher prices for industrial commodities.
Many across Wall Street see significant further upside potential to commodity prices over the next one to three years. In particular, this is due to accelerating demand growth, excluding China and supply constraints. They believe that this cycle is in the early stages, as key demand drivers should continue to grow. With copper rebounding recently, and the shares at a very reasonable entry point, those looking for commodity ideas could do well with this market leader.
Investors are paid a decent 1.71% dividend. Goldman Sachs has set its price target on Freeport-McMoRan stock at $46. The $38.37 consensus target is close to Monday’s closing print of $30.62.
Honeywell
This top industrial stock could be poised for a solid balance of 2022 and beyond if global growth picks up again. Honeywell International Inc. (NYSE: HON) is a New-Jersey-based diversified, global technology and manufacturing company.
The company is a premier supplier of avionics, power and control systems for the aerospace industry. Honeywell’s operations are organized under four business groups: Aerospace, Home & Building Technologies, Safety & Productivity Solutions, and Performance Materials & Technologies.
Shareholders receive a 2.02% yield. BofA Securities has a price target of $210. The consensus target for Honeywell International stock is $206.90, and shares closed on Monday at $193.97.
Lockheed Martin
This is a top aerospace and defense stock to buy, and many on Wall Street expect a very solid continuation of U.S. and foreign defense spending. Lockheed Martin Corp. (NYSE: LMT) researches, designs, develops, manufactures, integrates, operates and sustains advanced technology systems, products and services. It also provides a wide range of defense electronics products and IT services.
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