08:37:52 EST Wed 07 Dec 2022
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First Quantum Minerals Ltd
Symbol FM
Shares Issued 691,768,088
Close 2022-05-26 C$ 34.90
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Globe says First Quantum seen as "attractively priced"

2022-05-26 07:19 ET - In the News

The Globe and Mail reports in its Thursday edition that National Bank analyst Shane Nagle thinks demand concerns and issues concerning near-term supply growth are overshadowing "compelling" valuations and "supportive" long-term fundamentals for TSX-listed copper equities, such as First Quantum Minerals. The Globe's David Leeder writes that Mr. Nagle now sees equities in the sector as "attractively priced" following recent struggles. He says, "Copper equities in our coverage are down an average of 24 per cent over the past month and while macro headlines are expected to dictate near-term performance, commodity prices continue to support favorable valuations and strong cash flow." Mr. Nagle rates First Quantum "outperform," with a $46 share target. Analysts on average target the shares at $42.99. Mr. Nagle says in a note: "First Quantum remains a 'go-to' copper producer given its high-quality asset base, low AISC and one of the most robust project pipelines (including Cobre-Panama, Enterprise, Kansanshi S3 expansion and Taca Taca). A recent long-term fiscal agreement in Zambia and agreement in principle on royalty/tax treatment in Panama provide more confidence in near-term organic growth projections."

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