The Globe and Mail reports in its Friday, July 29, edition that RBC Capital analyst Sam Crittenden continues to rate First Quantum Minerals "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Crittenden calls First Quantum's valuation "attractive." The stock is down from its April 52-week high of $45.38, closing Thursday at $21.32 in Toronto. Mr. Crittenden now targets the shares at $33, down from $42. Analysts on average target the shares at $33.39. Mr. Crittenden says in a note: "Looking through the near-term copper price volatility we see upside in FM shares as the fundamentals for both the company and copper look strong on a one to two year basis and the shares are now trading at a 40-per-cent discount to our NAV estimate." The Globe reported on May 26 that National Bank analyst Shane Nagle said First Quantum was "attractively priced." He said issues concerning near-term supply growth were overshadowing "compelling" valuation. He rated First Quantum "outperform," with a $44 share target. First Quantum shares could then be had for $34.90. The Globe reported on July 7 that Mr. Nagle was sticking with his "outperform," whilst the shares could be had for $26.71.
© 2022 Canjex Publishing Ltd. All rights reserved.