The Globe and Mail reports in its Thursday, Nov. 2, edition that CIBC World Markets analyst Bryce Adams is sticking with his "neutral" ranking for First Quantum Minerals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Adams slashed his share target by $9.50 to $24.50. Analysts on average target the shares at $30.32. Mr. Adams says in a note: "[Tuesday] morning, First Quantum provided a Panama update that acknowledged recent events but otherwise provides little direction on what comes next. Cobre Panama (46 per cent of our asset level NAV) continues to operate, and at this time we make no model changes, but lower our price target multiples. This situation remains very fluid and unpredictable, in our view. We expect First Quantum shares to remain under pressure until a popular consultation in mid-December, and depending on the result, this situation could extend through to national elections scheduled for May, 2024. Despite the recent sell-off, with First Quantum down more than 35 per cent this week, we maintain our 'neutral' recommendation until visibility on taxes, royalties and security over the asset are better understood."