First Quantum Mnrl (FM) Receives a Buy from Canaccord Genuity
Shares of First Quantum Mnrl (FM) were revisited by a Wall Street analyst today. Analyst Dalton Baretto from Canaccord Genuity reiterated a Buy rating, with a C$18 price target.
According to TipRanks.com, Baretto is a 3-star analyst with an average return of 2.3% and a 45.5% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Fortuna Silver Mines, and Hecla Mining Company.
Currently, the analyst consensus on First Quantum Mnrl is a Strong Buy with an average price target of C$16.25, a 24.9% upside from current levels. In a report issued on January 20, CIBC also reiterated a Buy rating on the stock with a C$16 price target.
Based on First Quantum Mnrl’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$79.73 million. In comparison, last year the company had a GAAP net loss of C$146 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$13.01.