The Globe and Mail reports in its Friday, March 1, edition that National Bank Financial analyst Shane Nagle has elevated First Quantum Minerals to "outperform" from "sector perform" after coming off a research restriction. The Globe's David Leeder writes that Mr. Nagle boosted his share target by $1.50 to $16.50. Analysts on average target the shares at $15.92. Mr. Nagle believes First Quantum's refinancing efforts provide financial certainty in the near term and reduce downside risks. Mr. Nagle says in a note: "Given a prolonged shutdown at Cobre Panamá would have likely lead to a breach of debt covenants in Q3/24 without further intervention, First Quantum has secured a $500-million (U.S.) copper prepay agreement with Jiangxi Copper, refinanced its existing $2.2-billion (U.S.) credit facility, relaxed near-term leverage covenants, raised $1.15-billion (U.S.) in equity and issued $1.6-billion (U.S.) of 9.375-per-cent notes due in 2029. ... Refinancing initiatives have provided the company with two years of runway to generate additional liquidity from the sale of non-core assets like Las Cruces (where the sales process is well advanced) as well as explore the sale of a potential minority stake in its Zambian assets."