First Quantum Minerals (FM) Hits New 12-Month High on Analyst Upgrade

First Quantum Minerals (TSE:FM)’s share price reached a new 52-week high on Wednesday after Raymond James raised their price target on the stock from C$22.00 to C$25.00. Raymond James currently has an outperform rating on the stock. First Quantum Minerals traded as high as C$21.94 and last traded at C$21.77, with a volume of 1720619 shares changing hands. The stock had previously closed at C$20.96.

A number of other brokerages also recently commented on FM. Royal Bank of Canada lifted their price objective on First Quantum Minerals from C$21.00 to C$23.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 14th. Barclays lifted their price objective on First Quantum Minerals from C$17.50 to C$19.00 in a research report on Monday. Scotiabank lifted their price objective on First Quantum Minerals from C$23.50 to C$25.00 and gave the stock an “outperform” rating in a research report on Thursday, May 10th. BMO Capital Markets reiterated an “outperform” rating and set a C$24.00 price objective on shares of First Quantum Minerals in a research report on Wednesday, March 21st. Finally, Berenberg Bank reduced their price objective on First Quantum Minerals from C$19.00 to C$18.00 in a research report on Wednesday, February 14th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of C$21.45.

First Quantum Minerals (TSE:FM) last posted its earnings results on Thursday, April 26th. The company reported C$0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.17 by C$0.15. The company had revenue of C$1.12 billion during the quarter, compared to analysts’ expectations of C$1.27 billion. First Quantum Minerals had a negative return on equity of 5.12% and a negative net margin of 10.51%.

About First Quantum Minerals

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, gold, and zinc ores, as well as produces acid. The company operates in seven mines and one copper smelter, including the Ravensthorpe nickel mine in Australia; the Kansanshi copper-gold mine in Zambia; the Sentinel copper operation in North Western Province of Zambia; the Guelb Moghrein copper-gold mine in Mauritania; the ayeli copper-zinc mine in Turkey; the Las Cruces copper mine in Spain; and the Pyh盲salmi copper-zinc mine in Finland.

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