The Globe and Mail reports in its Friday edition that Jefferies analyst Christopher LaFemina has elevated his recommendation for First Quantum Minerals to "buy" from "hold" with an $18 share target, rising from $13. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $15.67. Mr. LaFemina says in a note: "While issuing equity after the share price has already collapsed is obviously not ideal, we believe these deleveraging steps are significant positives for First Quantum. The Cobre Panama mine shut down is still a problem, but the balance sheet problem has been addressed for now (we believe these measures provide 18 to 24 months of additional financial headroom). Note that the company is seeking $20-billion in arbitration relating to Cobre Panama. We are incrementally more positive on First Quantum shares as a result of these measures to derisk the balance sheet." The Globe reported on Jan. 17 that BMO had reaffirmed its "outperform" call for First Quantum Minerals. The shares were then worth $13.57. The Globe reported on Jan. 30 that Barclays analyst Ian Rossouw had reaffirmed his "underweight" recommendation for First Quantum when it could be had for $12.80.