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TD Securities Thinks First Quantum Mnrl’s Stock is Going to Recover


In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, First Quantum Mnrl (TSX: FM). The company received a Buy yesterday from TD Securities’ analyst Greg Barnes, with a C$26 price target.

According to TipRanks.com, Barnes has 0 stars on 0-5 star ranking scale with an average return of -5.6% and a 36.6% success rate. Barnes covers the Basic Materials sector, focusing on stocks such as Osisko Gold Royalties Ltd, Hudbay Minerals Inc, and Centerra Gold Inc.

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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$20.88 average price target, implying a 42.1% 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$14.69, close to its 52-week low of C$13.63.