The National Bank of Canada Upgrades First Quantum Minerals (FM:TSX) to an “Outperform” rating

First Quantum Minerals Ltd Stock Forecast:

First Quantum Minerals Ltd’s average analyst target price for the next 12 months is CAD 30.18, with an average analyst rating of Hold. Stock Target Advisor’s analysis shows a Slightly Bullish outlook based on 10 positive signals and 6 negative signals. The stock’s last closing price was CAD 32.18, representing a -6.07% change over the past week, a +13.51% change over the past month, and a -4.88% change over the last year.

Analysts Coverage Change:

National Bank of Canada (RANK #19) raises the rating for First Quantum Minerals Ltd. to “Outperform” from “Sector Perform”, reflecting more clarity in the company’s near-term operating outlook, upcoming ratification of the Panama royalty agreement, and more attractive valuation when compared to peers.

The National Bank of Canada’s decision to upgrade First Quantum Minerals Ltd.’s (FM:TSX) rating is based on several factors that highlight the company’s strong growth potential. The bank cited the increased clarity surrounding the company’s near-term operating outlook. First Quantum Minerals Ltd. has made significant progress in recent years in expanding its production capabilities and developing new mines. This growth is expected to continue, with the company forecasting a 20% increase in copper production over the next three years.

The upcoming ratification of the Panama royalty agreement,  is expected to significantly boost First Quantum Minerals Ltd.’s profitability. The agreement, which was initially announced in 2019, will see the company pay a lower royalty rate on its operations in Panama, resulting in an estimated annual savings of $30 million.

The National Bank of Canada highlighted the more attractive valuation of First Quantum Minerals Ltd. compared to its peers. Despite the company’s strong growth potential, its valuation metrics remain below those of other leading mining companies. (https://www.drogueriasanjorge.com/) This presents an attractive investment opportunity for investors looking to capitalize on the mining sector’s continued growth.

FM:CA Ratings by Stock Target Advisor

FA Score (Fundamental Analysis):

The fundamental analysis of First Quantum Minerals Ltd. is “Slightly Bullish” with a FA score of 6.3 out of 10, where 0 is very bearish and 10 is very bullish.

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