In a report released today, Bryce Adams from CIBC reiterated a Buy rating on First Quantum Minerals (FQVLF), with a price target of C$35.00. The company’s shares closed last Wednesday at $24.50, close to its 52-week high of $25.25.
According to TipRanks.com, Adams is a 4-star analyst with an average return of 20.7% and a 70.3% success rate. Adams covers the Basic Materials sector, focusing on stocks such as Torex Gold Resources, Capstone Mining, and Hudbay Minerals.
Currently, the analyst consensus on First Quantum Minerals is a Moderate Buy with an average price target of $26.53, which is a 10.9% upside from current levels. In a report issued on April 14, Goldman Sachs also maintained a Buy rating on the stock with a C$40.00 price target.
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Based on First Quantum Minerals’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.6 billion and net profit of $9 million. In comparison, last year the company earned revenue of $1.28 billion and had a GAAP net loss of $115 million.
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First Quantum Minerals Ltd. engages in the production, exploration and development of copper, nickel, gold, zinc and acid, and related activities. It operates through the following segments: Kansanshi, Sentinel, Cobre Panama, Las Cruces, Guelb Moghrein, Çayeli, Pyhäsalmi, Ravensthorpe, and Corporate and Other. The Corporate and Other segment deals with the evaluation and acquisition of new mineral properties, regulatory reporting, treasury and finance, and corporate administration. The company was founded by Philip K.R. Pascall, Geoffrey Clive Newall, and Martin R. Rowley on December 21, 1983 and is headquartered in Toronto, Canada.
