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First Quantum Mnrl (FM) Receives a Buy from Scotiabank


The Materials sector company, First Quantum Mnrl (TSX: FM), has received a rating update from a Wall Street analyst on October 10. Analyst Orest Wowkodaw from Scotiabank reiterated a Buy rating, with a C$23.50 price target on October 10.

According to TipRanks.com, Wowkodaw is a 5-star analyst with an average return of 19.9% and a 52.5% success rate. Wowkodaw covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Nevsun Resources Ltd, and Taseko Mines Limited.

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The word on The Street in general, suggests a Strong Buy analyst consensus rating for First Quantum Mnrl with a C$20.56 average price target, representing a 39.6% upside. In a report issued on October 9, Barclays also upgraded the stock to Buy with a C$18 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 Friday at C$14.73, close to its 52-week low of C$13.63.