First Quantum Mnrl (TSX: FM), the Materials sector company, has received a rating update from a Wall Street analyst on October 10. Dalton Baretto, an analyst with Canaccord Genuity, has upgraded their rating on FM to Buy on October 10 , with a C$19.50 price target.
According to TipRanks.com, Baretto is a 4-star analyst with an average return of 5.3% and a 43.9% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Fortuna Silver Mines, and Hecla Mining Company.
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First Quantum Mnrl has an analyst consensus of Strong Buy, with a price target consensus of C$20.75, representing a 41.8% 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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The company has a one-year high of C$23.05 and a one-year low of C$13.63. Currently, First Quantum Mnrl has an average volume of 2.75M.
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$14.63, close to its 52-week low of C$13.63.
