07:29:36 EST Wed 07 Dec 2022
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First Quantum Minerals Ltd
Symbol FM
Shares Issued 691,782,591
Close 2022-04-28 C$ 37.35
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Globe says First Quantum raised to "buy" from "hold"

2022-04-28 07:37 ET - In the News

The Globe and Mail reports in its Friday, April 29, edition that Canaccord Genuity analyst Dalton Baretto sees "smoother seas ahead" for First Quantum Minerals. The Globe's David Leeder writes that Mr. Baretto upgraded First Quantum to "buy" from "hold." Mr. Baretto continues to target the shares at $44. Analysts on average target the shares at $43.17. Mr. Baretto says in a note: "We like First Quantum for its scale, leverage to copper, relatively low cost structure and organic growth pipeline. Given the operating challenges in Q1, management made a prudent decision to 'bite the bullet' and adjust production and cost guidance, which we believe significantly de-risks the company's performance vs. expectations over the rest of this year. ... A challenging quarter operationally, with weather and COVID-19 related issues exacerbated by external inflationary pressures. Copper production was in line with our estimate, but below consensus, while costs were above Street forecasts. In addition, the company reduced copper production guidance and increased cost guidance for the year. Despite the operating challenges, however, FM beat our and consensus financial estimates on higher sales volumes out of Zambia."

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