Scotiabank Thinks First Quantum Mnrl’s Stock is Going to Recover
In a new note to investors on September 28, an analyst has provided a rating update for the Materials sector company, First Quantum Mnrl (TSX: FM). Analyst Orest Wowkodaw from Scotiabank remains bullish on the stock and has a C$26 price target.
According to TipRanks.com, Wowkodaw is a 5-star analyst with an average return of 25.5% and a 58.2% success rate. Wowkodaw covers the Basic Materials sector, focusing on stocks such as Nevsun Resources Ltd, Nexa Resources SA, and Freeport-McMoRan.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for First Quantum Mnrl with a C$22.70 average price target, a 54.3% upside from current levels. In a report issued on September 16, RBC Capital also reiterated a Buy rating on the stock with a C$20 price target.
First Quantum Mnrl’s market cap is currently C$10.06B and has a P/E ratio of 418.7. The company has a Price to Book ratio of 0.83.
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$14.71, close to its 52-week low of C$13.63.