Analyst Bryce Adams of Desjardins maintained a Hold rating on First Quantum Minerals, boosting the price target to C$33.00.
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Bryce Adams has given his Hold rating due to a combination of factors influencing First Quantum Minerals. The company’s recent earnings report showed mixed results, with copper production and sales falling short of expectations, while gold production exceeded forecasts. Additionally, operational challenges at the Sentinel mine and uncertainties surrounding the Cobre Panama project contribute to a cautious outlook.
Despite these challenges, there are positive developments, such as the successful ramp-up of the S3 project at Kansanshi, which is expected to come in under budget. However, the overall uncertainty regarding the resolution of issues at Cobre Panama and the company’s higher-than-average valuation compared to peers justify maintaining a Hold rating. The company’s net debt reduction and updated hedging positions also play a role in this balanced assessment.
In another report released today, Raymond James also maintained a Hold rating on the stock with a C$29.00 price target.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FQVLF in relation to earlier this year.