Morgan Stanley Upgrades First Quantum Minerals (TSE:FM) to Overweight

First Quantum Minerals (TSE:FM) was upgraded by equities research analysts at Morgan Stanley from an “equal” rating to an “overweight” rating in a report released on Tuesday,BayStreet.CA reports. The firm currently has a C$42.20 price target on the stock, up from their previous price target of C$37.70. Morgan Stanley’s price target would suggest a potential upside of 23.46% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Scotia cut their price objective on shares of First Quantum Minerals from C$47.00 to C$44.00 and set a “sector outperform” rating on the stock in a report on Thursday, April 30th. National Bank Financial lifted their target price on First Quantum Minerals from C$42.50 to C$47.00 in a research note on Thursday, January 29th. Barclays lowered their target price on First Quantum Minerals from C$44.60 to C$42.20 in a research note on Monday, May 4th. BMO Capital Markets lifted their target price on First Quantum Minerals from C$40.00 to C$48.00 in a research note on Wednesday, April 22nd. Finally, TD Securities lifted their target price on First Quantum Minerals from C$41.00 to C$42.00 and gave the stock a “hold” rating in a research note on Thursday, February 12th. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$42.91.

First Quantum Minerals Stock Down 1.9%

FM traded down C$0.66 during mid-day trading on Tuesday, reaching C$34.18. 1,523,735 shares of the stock were exchanged, compared to its average volume of 3,020,405. The company has a debt-to-equity ratio of 54.67, a quick ratio of 1.41 and a current ratio of 1.76. The stock has a market capitalization of C$28.31 billion, a PE ratio of -142.42, a price-to-earnings-growth ratio of -1.28 and a beta of 1.49. The company has a 50 day moving average price of C$34.60 and a two-hundred day moving average price of C$35.15. First Quantum Minerals has a 1 year low of C$19.46 and a 1 year high of C$45.17.

First Quantum Minerals (TSE:FM) last posted its quarterly earnings data on Wednesday, April 29th. The company reported C($0.25) earnings per share (EPS) for the quarter. The firm had revenue of C$1.95 billion for the quarter. First Quantum Minerals had a negative return on equity of 1.78% and a negative net margin of 3.69%. As a group, research analysts anticipate that First Quantum Minerals will post 0.55872 EPS for the current year.

First Quantum Minerals Company Profile

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.