The Globe and Mail reports in its Thursday edition that BMO Nesbitt Burns analyst Jackie Przybylowski made a series of target price adjustments to mining stocks in her coverage in a second quarter earnings review released Wednesday.
The Globe's David Leeder writes in the Eye On Equities column that Ms. Przybylowski says in a note: "We wrote in our Q1/22 earnings recap 'that wasn't so bad, yet' because mining companies under our coverage had, at that time, not provided meaningfully negative commentary around cost inflation. This changed in the Q2/22 earnings season -- we have seen changes to 2022 operating cost guidance across our coverage. Our hope (and base-case expectation) is that this guidance reset represents a slowing, or (very modest) reversal, to the cost creep trend and that disappointment in Q2 will set up companies for more positive catalysts in H2/22." Ms. Przybylowski has reaffirmed her "market perform" recommendation for First Quantum Minerals, while trimming her share target by $5 to $30. Analysts on average target the shares at $32.69. The Globe reported on July 29 that RBC Capital analyst Sam Crittenden continued to rate First Quantum "outperform." The shares could then be had for $23.40.
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