The Globe and Mail reports in its Thursday, Nov. 24, edition that Raymond James analyst Farooq Hamed, reviewing third quarter earnings season for First Quantum Minerals, lowered his recommendation to "market perform" from "outperform" on Wednesday. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hamed says his move is primarily due to valuation concerns, seeing its recent share price appreciation yielding a negative return to his valuation. Mr. Hamed says in a note: "Beyond valuation, we have short term concerns regarding the final outcome of the Law 9 negotiations related to Cobre Panama and upcoming multiyear guidance which we expect to show lower than previously expected production in Zambia in the short term. We continue to view First Quantum as a high quality copper producer." Mr. Hamed lowered his share target by $1 to $28. Analysts on average target the shares at $29.44. The Globe reported on April 30, 2020, that Mr. Hamed downgraded First Quantum to "market perform" from "outperform." It could then be had for $9.07. The Globe reported on May 26, 2022, and July 7, 2022, that National Bank rated First Quantum "outperform." The shares could then be had for $34.90 and $26.71.
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