The Globe and Mail reports in its Thursday edition that National Bank analyst Shane Nagle has reaffirmed his "sector perform" recommendation for First Quantum Minerals. The Globe's David Leeder writes that Mr. Nagle gave his share target a 50-cent trim to $15. Analysts on average target the shares at $16.86. The National Bank stockpicker says First Quantum's three-year guidance highlights the need for additional liquidity. Mr. Nagle says in a note: "We do not anticipate any positive headlines related to these pending negotiations until after upcoming federal elections in Panama in May. A prolonged closure at Cobre Panama will likely lead to breach of debt covenants sometime in H2/24 making any potential refinancing more expensive and deteriorating FCF sufficiently enough to impact growth initiatives across the company's portfolio." On Tuesday, First Quantum released its fourth quarter 2023 production results, which fell in line with Mr. Nagle's expectations, as well as "markedly" lower expectations for 2024 and 2025 production guidance due to the removal of Cobre Panama for projections. The Globe reported on Nov. 30 that Mr. Nagle was sticking with his "sector perform" call on First Quantum when it was worth $11.11.