The Globe and Mail reports in its Wednesday edition that analysts have slashed their share price targets, and in some cases downgraded their ratings, on First Quantum Minerals after Panama's president called a referendum over a recently approved contract for the company's Cobre Panama mine. The Globe's Darcy Keith writes that First Quantum shares tumbled $3.93 to close Tuesday in Toronto at $16.07 in reaction to the news that makes the company's ability to continue to operate in the country uncertain. National Bank Financial analyst Shane Nagle has lowered his recommendation for First Quantum to "sector perform" from "outperform" while cutting his share target to $36 from $40. Mr. Nagle says in a note, "Given uncertainty and headline risks associated with proposed referendum on Cobre Panama, we suspect share price weakness over the coming weeks until markets have more clarity on a pathway forward." Analysts on average target the shares at $31.89, which is down about $5 from a month ago. The Globe reported on March 8 that Mr. Nagle had reiterated his "sector perform" call. It was then worth $29.99. The Globe reported on April 28 that Mr. Nagle had raised his rating to "outperform." The shares were then worth $32.92.