The Globe and Mail reports in its Thursday, Nov. 30, edition that National Bank Financial analyst Shane Nagle is sticking with his "sector perform" call on First Quantum Minerals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Nagle whacked his share target back by $18 to $18. Analysts on average target the shares at $24.52. The Globe says Mr. Nagle thinks a restart of First Quantum's Cobre Panama mine is "unlikely" prior to national elections in May, 2024. Mr. Nagle says in a note: "Following the Supreme Court ruling amidst recent protests, it has become clear that full value being ascribed to the asset is not appropriate at this time. In addition to the delayed restart, we have reduced our target multiple to 0.90 times NAV (50 per cent) + six times EV/2024 CF (50 per cent) (was 1.25 times P/NAV (50 per cent) and eight times EV/2024 CF (50 per cent) given uncertainty around future operation of the mine and need to negotiate a new contract with newly elected government following next May's elections. FM currently trades at 0.48 times NAV compared to NBF peers at 0.84 times and 5.7 times EV/2024 estimated CF compared with industry-leading copper producers closer to 8.3 times."