The Globe and Mail reports in its Tuesday, Jan. 27, edition that Desjardins's Bryce Adams is keeping his "hold" call on First Quantum Minerals intact. The Globe's David Leeder writes that Mr. Adams hiked his share target to $40 from $34. Analysts on average target the shares at $38.03. With a surge in copper and spot uranium prices in December and January, Mr. Adams reaffirmed his "constructive" view on pricing, pointing to "improving demand optimism and anticipated supply constraints for both commodities." With those conditions, he predicts producers in his coverage universe will benefit from those "supportive" macro tailwinds, and noting "those with gold credits, [such as First Quantum,] are also supported by record gold prices." Mr. Adams says in a note: "Copper prices jumped in December vs earlier in Q4, reaching record levels of approximately $5.67 (U.S.)/lb, driven by continued supply concerns alongside increased U.S. rate-cut expectations, optimism around U.S. China trade talks, and more speculative activities, partially tempered by slower expected demand growth in China. ... Copper prices continued to rise in January and have averaged $5.92 (U.S.)/lb ytd, extending the momentum seen at YE25."