The stock's rise, which came amid a broader rally for U.S. stocks, was third-best in the S&P 500 on Monday. Freeport closed at $11.04 per share and has soared 63 percent this year.
The Cowen analysts pushed their Freeport price target to $15 per share from $10 a share and kept an "outperform" rating, the report said. The price target is the highest on Wall Street for the stock.
The firm cited Freeport's progress in deleveraging, the FT reported.
"We believe management remains steadfastly focused on right-sizing the balance sheet for the current environment," Anthony Rizzuto, an analyst at Cowen, said. "There has been considerable debate as to the appropriate next step for [Freeport]. This could take the form of further outright asset sales, minority interest transaction, or even an equity issuance."