The Globe and Mail reports in its Friday, July 7, edition that RBC analyst Sam Crittenden warns falling base metals prices will be significant headwind to second quarter financial results for North American producers. The Globe's David Leeder writes that Mr. Crittenden has reaffirmed First Quantum Minerals as his "preferred name" in the sector. The RBC stockpicker continues to rate the miner "outperform," with an unchanged $42 share target. Mr. Crittenden says in a note: "First Quantum remains a go-to copper name and the quality and scale of its operations could ultimately make it a takeout candidate. ... We expect a neutral quarter from First Quantum as a rebound at Cobre Panama post the shutdown in Q1 is offset by weaker production at Sentinel where heavy rain in Q1 likely had a lingering impact. We could see modest negative tweaks to guidance after a slow start to the year." The Globe reported on May 20 that Stifel analyst Alex Terentiew rated First Quantum "buy." In the item he said, "Successfully delivering projects from concept to commissioning, is a valuable skill we believe First Quantum brings to shareholders that are looking for growth and increased exposure to copper." It was then worth $31.67.
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