In a report released yesterday, Chris LaFemina from Jefferies reiterated a Buy rating on First Quantum Minerals (FQVLF – Research Report), with a price target of C$25.00.
Chris LaFemina has given his Buy rating due to a combination of factors, primarily the positive developments regarding First Quantum Minerals’ Cobre Panama mine. The recent actions by Panama’s President, Jose Raul Mulino, to review the future of the mine and allow the restart of its power plant are significant. These steps are expected to facilitate the export of approximately 120,000 tonnes of copper concentrate that has been stockpiled, which is a crucial move for the company’s operations.
LaFemina is optimistic about the potential for negotiations between the government and First Quantum to result in a restart of the Cobre Panama mine by early 2026. Although there is uncertainty around the terms of a new agreement, which might favor the government more than the original contract, the restart is still viewed as a major positive for the company. Consequently, the target price for First Quantum’s shares has been raised from C$22 to C$25, reflecting these encouraging developments.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a C$24.00 price target.
FQVLF’s price has also changed moderately for the past six months – from $12.420 to $14.093, which is a 13.47% increase.