First Quantum Minerals (FM) Trading 3.6% Higher After Analyst Upgrade

First Quantum Minerals Limited (TSE:FM)’s share price traded up 3.6% during mid-day trading on Friday after Berenberg Bank raised their price target on the stock from C$14.25 to C$19.00. The stock traded as high as C$17.74 and last traded at C$17.72. 3,716,645 shares traded hands during mid-day trading, an increase of 26% from the average session volume of 2,949,665 shares. The stock had previously closed at C$17.11.

Several other brokerages have also recently issued reports on FM. Deutsche Bank lifted their price objective on First Quantum Minerals from C$20.00 to C$23.00 in a research note on Monday, January 15th. CIBC lifted their price objective on First Quantum Minerals from C$15.00 to C$20.00 in a research note on Monday, January 22nd. CSFB cut First Quantum Minerals from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 23rd. National Bank Financial upgraded First Quantum Minerals from a “sec perform spec market wgt” rating to an “outperform spec market weight” rating in a research note on Thursday, January 25th. Finally, TD Securities decreased their price objective on First Quantum Minerals from C$26.00 to C$25.00 and set a “buy” rating for the company in a research note on Friday, January 26th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of C$20.22.

The stock has a market cap of $12,190.00, a PE ratio of -50.51 and a beta of 3.02.

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About First Quantum Minerals

First Quantum Minerals Ltd. is engaged in the production of copper, nickel, gold, zinc and acid, and related activities, including exploration and development. The Company’s segments include individual mine development projects or mine operations and the Corporate & other segment. The Corporate & other segment is responsible for the evaluation and acquisition of mineral properties, regulatory reporting, treasury and finance and corporate administration.

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