The Globe and Mail reports in its Friday edition that National Bank Financial analyst Shane Nagle has elevated his recommendation for First Quantum Minerals to "outperform" from "sector perform," citing an improved operational forecast over the remainder of year. The Globe's David Leeder writes that Mr. Nagle boosted his share target to $39 from $38. Analysts on average target the shares at $33.33. Mr. Nagle says he issued his upgrade because of "increased clarity in the near-term operating outlook, upcoming ratification of the Panama royalty agreement and more attractive valuation relative to peers given the company's position as an industry-leading copper producer with a robust project pipeline. First Quantum's balance sheet remains in a strong position, focusing on reducing debt in the near term while continuing to deliver organic growth." Mr. Nagle's rating tweaks came following the release of first quarter results on Tuesday that fell short of his expectations. The Globe reported on Feb. 8 that Scotia Capital rated the shares, which were then worth $26.98, "sector outperform." The Globe reported on March 8 that Mr. Nagle had reiterated his "sector perform" call when the shares could be had for $29.99.