The Globe and Mail reports in its Thursday edition that Scotia Capital's Orest Wowkodaw continues to rate First Quantum Minerals "sector perform." The Globe's David Leeder writes that Mr. Wowkodaw boosted his share target to $37 from $35. Analysts on average target the shares at $33.13. Mr. Wowkodaw says in a note: "We are formally updating our estimates to reflect the positive fiscal regime changes announced by the Zambian government on Oct. 29, which includes the new ability to deduct relatively punitive mineral royalties for income tax assessment purposes. This taxation change increased our 12 per cent NAVPS for the company's Zambian assets by 10 per cent and increased our corporate 8 per cent NAVPS estimate by 5 per cent. Moreover, in our view, this positive fiscal regime change appears to signal a more friendly tone toward the mining industry, which should help to pave the way for the company to move forward with its proposed Kansanshi S3 Cu expansion project (already included in our base case). We view this development as very positive for FM shares given the material valuation impact." The Globe reported on Oct. 13 that Mr. Wowkodaw continued rank First Quantum "sector outperform." It was then worth $26.10.
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