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First Quantum Mnrl (FM) Received its Third Buy in a Row


Analysts have been quite happy with First Quantum Mnrl (TSX: FM) stock lately, with several positive ratings in a row that it received in the past month alone. The company received a Buy yesterday from Barclays’ analyst Ian Rossouw, with a C$18 price target.

Currently, the analyst consensus on First Quantum Mnrl is a Moderate Buy with an average price target of C$21.86, representing a 51.1% upside. In a report issued on October 2, Deutsche Bank also maintained a Buy rating on the stock with a C$19 price target.

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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 Tuesday at C$14.47, close to its 52-week low of C$13.63.