The Globe and Mail reports in its Wednesday, April 20, edition that Canaccord Genuity analyst Dalton Baretto says Russia's unprovoked attack on Ukraine has brought "significant gyrations in commodity markets that were already extremely tight." The Globe's David Leeder writes in the Eye On Equities column that Mr. Baretto expects a "volatile" environment to persist through 2023 as major supply-demand issues continue to emerge. Based on price performance over the first quarter, Mr. Baretto downgraded First Quantum Minerals to "hold" from "buy." Mr. Baretto gave his share target a $3 boost to $44. Analysts on average target First Quantum shares at $41.48. Mr. Baretto says in a note: "Given First Quantum's operating leverage to the increase in our medium-term copper price forecasts, we are increasing our target price. ... Our target remains based on an equal weighting of 5.5 times ntm [next 12-month] earnings before interest, taxes, depreciation and amortization and 1.35 times NAV, now measured as at April 1, 2023, (previously January 1, 2023). Despite the increase to our target price, given the limited implied return from the current share price, we are downgrading First Quantum."
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