In a report released yesterday, Matt Murphy from Barclays upgraded First Quantum Minerals (FQVLF) to Buy, with a price target of C$10.00. The company’s shares closed last Thursday at $4.98.
According to TipRanks.com, Murphy is a 3-star analyst with an average return of 2.3% and a 59.0% success rate. Murphy covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Freeport-McMoRan, and Hudbay Minerals.
First Quantum Minerals has an analyst consensus of Strong Buy, with a price target consensus of $9.15, a 79.6% upside from current levels. In a report issued on April 1, CIBC also maintained a Buy rating on the stock with a C$10.00 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 $1.28 billion and GAAP net loss of $115 million. In comparison, last year the company earned revenue of $1.05 billion and had a net profit of $198 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.
