The Globe and Mail reports in its Thursday edition that TD Cowen analyst Greg Barnes has elevated his recommendation for First Quantum Minerals to "buy" from "hold." The Globe's Darcy Keith writes in the Eye On Equities column Mr. Barnes trimmed his share target by a buck to $39. Mr. Keith says Mr. Barnes's upgrade reflects an improved return to his target price following share-price weakness heading into the quarterly results. First Quantum reported first quarter adjusted earnings per share of 11 cents, below TD and consensus at 14 cents. Adjusted earnings before interest, taxes, depreciation and amortization was reported at $518-million, significantly under the consensus estimate of $580-million. Mr. Barnes says in a note: "Q1/23 was expected to be a weak quarter from a production perspective. ... With the Cobre Panama stability agreement resolved and the company's weakest production quarter of the year behind it, we expect that investor attention will refocus on First Quantum's high leverage to copper and its improving copper production over the next four years (compounded annual growth rate of about 4 per cent) as the Cobre Panama project ramps up and the Kansanshi S3 expansion is completed in 2025."