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Globe says First Quantum maintained at "outperform"

2022-02-18 09:07 ET - In the News

The Globe and Mail reports in its Friday, Feb. 18, edition that RBC Dominion Securities analyst Sam Crittenden is sticking with his "outperform" call for First Quantum Minerals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Crittenden boosted his share target to $43 from $39. Analysts on average target the shares at $38.16. Mr. Crittenden says First Quantum "remains well positioned as a go-to copper stock with strong free-cash-flow potential and organic growth projects." The RBC analyst calls the miner's fourth quarter results, released after the bell on Tuesday, "uneventful" following its Jan. 18 Investor Day event. It maintained its three-year guidance. Mr. Crittenden says in a note: "First Quantum provides investors strong exposure to copper (87 per cent of 2022E EBITDA) and potential for attractive returns based on growing copper production (10 per cent from 2021 through 2023) and strong FCF generation (average 13-per-cent FCF yield at RBC estimated commodity prices in 2022). Management has a favourable track record of project development and operating expertise." The Globe reported on Jan. 20 that Mr. Crittenden had reaffirmed First Quantum at "outperform." It was then worth $35.44.

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