Wall Street analyst has provided a review for the Materials company yesterday, but retained the same rating on the stock. Analyst Dalton Baretto from Canaccord Genuity rated First Quantum Mnrl (TSX: FM) a Hold, setting a C$18 price target.
According to TipRanks.com, Baretto is a 4-star analyst with an average return of 10.5% and a 51.4% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Hecla Mining Company, Pan American Silver, and Coeur Mining.
Currently, the analyst consensus on First Quantum Mnrl is a Moderate Buy with an average price target of C$22.
Based on First Quantum Mnrl’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$174 million. In comparison, last year the company had a GAAP net loss of C$65.18 million.
First Quantum Minerals Ltd. engages in the production of copper, nickel, gold, zinc, and acid. It has operating mines in Zambia, Finland, Turkey, Spain, and Mauritania. It also develops Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru, and the Taca Taca copper-gold-molybdenum deposit in Argentina.
The company’s shares closed on Monday at C$14.75, close to its 52-week low of C$13.63.
