First Quantum Minerals (FM) Lifted to “Outperform” at Macquarie

First Quantum Minerals (TSE:FM) was upgraded by Macquarie from a “neutral” rating to an “outperform” rating in a report released on Tuesday.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their price objective on First Quantum Minerals from C$17.40 to C$15.90 in a research report on Monday, September 10th. CIBC reduced their price objective on First Quantum Minerals from C$20.00 to C$18.00 in a research report on Friday, August 31st. National Bank Financial reduced their price objective on First Quantum Minerals from C$21.00 to C$20.50 in a research report on Saturday, July 14th. BMO Capital Markets boosted their price objective on First Quantum Minerals from C$9.00 to C$9.75 in a research report on Monday, June 11th. Finally, TD Securities upgraded First Quantum Minerals from a “buy” rating to an “action list buy” rating and boosted their price objective for the stock from C$25.00 to C$30.00 in a research report on Thursday, June 14th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. First Quantum Minerals currently has a consensus rating of “Buy” and an average price target of C$20.91.

FM stock traded down C$0.83 during midday trading on Tuesday, reaching C$15.13. The company had a trading volume of 4,939,885 shares, compared to its average volume of 2,735,966. First Quantum Minerals has a fifty-two week low of C$13.61 and a fifty-two week high of C$23.05.

First Quantum Minerals (TSE:FM) last issued its earnings results on Monday, July 30th. The company reported C$0.34 EPS for the quarter, beating the Zacks’ consensus estimate of C$0.28 by C$0.06. The company had revenue of C$1.35 billion during the quarter, compared to the consensus estimate of C$1.28 billion. First Quantum Minerals had a negative return on equity of 5.12% and a negative net margin of 10.51%.

About First Quantum Minerals

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, gold, and zinc ores, as well as produces acid. The company operates in seven mines and one copper smelter, including the Ravensthorpe nickel mine in Australia; the Kansanshi copper-gold mine in Zambia; the Sentinel copper operation in North Western Province of Zambia; the Guelb Moghrein copper-gold mine in Mauritania; the Çayeli copper-zinc mine in Turkey; the Las Cruces copper mine in Spain; and the Pyhäsalmi copper-zinc mine in Finland.

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