The Globe and Mail reports in its Friday, April 26, edition that Canaccord Genuity analyst Dalton Baretto continues to rate First Quantum Minerals "buy." The Globe's David Leeder writes that Mr. Baretto cut his share target to $21.50 from $22. Analysts on average target the shares at $17.26. Mr. Baretto says in a note: "With the balance sheet and liquidity concerns now addressed, First Quantum remains a copper producer of scale, with growth via the Kansanshi S3 project and significant optionality via a potential Cobre Panama restart. ... We believe the sale of a minority stake in the Zambian operations could add value financially, operationally, or politically, while developments in Panama after the May 5 election could be positive (although add significant volatility to the share price). From a valuation perspective, we note that First Quantum is trading at 7.9 times 2024 EBITDA and 1.3 times our NAV excluding Cobre Panama; this is essentially in line with the larger copper producers, implying that Cobre Panama is essentially priced out of the stock. Our estimates indicate that at one times NAV, the current share price is pricing in a 24-per-cent probability of Cobre Panama restarting by Jan. 1, 2026)."