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Raymond James Sticks to Its Buy Rating for First Quantum Mnrl (FM)


The Materials sector company, First Quantum Mnrl (TSX: FM), has received a rating update from a Wall Street analyst on October 9. Analyst Farooq Hamed from Raymond James rated First Quantum Mnrl (TSX: FM) a Buy on October 9, setting a C$24 price target.

According to TipRanks.com, Hamed has currently no stars on a ranking scale of 0-5 stars, with an average return of -21.8% and a 26.1% success rate. Hamed covers the Basic Materials sector, focusing on stocks such as Nevsun Resources Ltd, Hudbay Minerals Inc, and New Gold Inc.

First Quantum Mnrl has an analyst consensus of Moderate Buy, with a price target consensus of C$21.86, implying a 48.9% upside from current levels. 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 Thursday at C$14.68, close to its 52-week low of C$13.63.