Buy Rating on First Quantum: Improving Cobre Panama Restart Outlook and Deep Value Upside

Goldman Sachs analyst Marcio Farid has reiterated their bullish stance on FQVLF stock, giving a Buy rating on March 27.

Marcio Farid has given his Buy rating due to a combination of factors tied to the improving outlook at Cobre Panama and the company’s attractive valuation. He views the formal governmental approval to process the mine’s stockpiles, together with the restart of the power plant, export operations, and an ongoing independent environmental review, as concrete steps that materially increase the probability of a full operational restart.

Farid also highlights that processing the low-grade stockpile could generate meaningful revenue over the next year while providing an opportunity to validate and stabilize the concentrator circuits after a lengthy shutdown. In his view, if operations at Cobre Panama fully resume under a tax framework comparable to regional peers like Chile and Peru, First Quantum’s normalized free cash flow yield could exceed 20% and its EV/EBITDA multiple would remain low, justifying a Buy recommendation on risk‑reward grounds.

In another report released on March 27, UBS also maintained a Buy rating on the stock with a C$45.00 price target.

FQVLF’s price has also changed moderately for the past six months – from C$31.420 to C$35.950, which is a 14.42% increase.