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How Analysts View Copper Miners amid the Market Carnage

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Part 8
How Analysts View Copper Miners amid the Market Carnage PART 8 OF 8

How Much Upside Do Analysts See in First Quantum Minerals?

Upside

First Quantum Minerals (FM) has received a “strong buy” rating from five analysts, while nine analysts have rated the stock as a “buy” or some equivalent. The remaining nine analysts polled by Thomson Reuters on February 9 rate the stock as a “hold.”

How Much Upside Do Analysts See in First Quantum Minerals?

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First Quantum has received a mean consensus price target of 22.17 Canadian dollars (or CAD), which represents a 25.4% upside over its February 9 closing price. The stock carried a target price of 19.57 CAD at the beginning of 2018. Several brokerages have changed First Quantum’s target price this year.

Analyst action

In January, Barclays raised First Quantum’s price target from 14 CAD CAD to 18.70 CAD. Deutsche Bank and CIBC also raised First Quantum’s price target to 23 CAD and 20 CAD, respectively. However, towards the end of January, Credit Suisse downgraded FM from “outperform” to “neutral.” Canaccord Genuity also downgraded First Quantum from “buy” to “hold” on January 29. On February 8, Berenberg raised First Quantum’s price target from 14.25 CAD to 19 CAD.

4Q17 production

First Quantum released its 4Q17 preliminary production data on January 26. The company produced 154,319 metric tons of copper in 4Q17. The company’s 2017 preliminary copper production stood at 573,963 metric tons, a year-over-year rise of 6.3%. However, the company’s preliminary data showed a yearly decline in its 2017 gold, nickel, and zinc production (TECK). Southern Copper (SCCO), Glencore (GLEN-L), and Freeport-McMoRan (FCX) reported a yearly decline in their 2017 copper production.

You can visit our Metals and Mining page for ongoing updates on this industry.

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