Barclays Forecasts Strong Price Appreciation for First Quantum Minerals (TSE:FM) Stock

Key Points

• Barclays has raised its price target for First Quantum Minerals (TSE:FM) from C$27.30 to C$38.00, indicating a potential upside of 19.20% from the stock's previous closing price.
• Several other analysts have also increased their target prices, with National Bankshares and Citigroup setting targets of C$36.00 and C$39.00 respectively, suggesting a strong bias towards the stock's potential performance.
• The company's stock currently has a consensus rating of "Moderate Buy" with an average target price of C$32.09 according to MarketBeat data.

First Quantum Minerals (TSE:FM - Get Free Report) had its price target hoisted by equities researchers at Barclays from C$27.30 to C$38.00 in a note issued to investors on Friday,BayStreet.CA reports. Barclays's price target would indicate a potential upside of 19.20% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. National Bankshares lifted their target price on shares of First Quantum Minerals from C$32.00 to C$36.00 and gave the stock an "outperform" rating in a research report on Wednesday. Scotiabank lifted their price target on shares of First Quantum Minerals from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 6th. Citigroup boosted their target price on shares of First Quantum Minerals from C$26.00 to C$39.00 and gave the company a "buy" rating in a report on Wednesday. Desjardins boosted their target price on shares of First Quantum Minerals from C$25.00 to C$26.00 and gave the stock a "hold" rating in a research report on Wednesday, August 20th. Finally, Morgan Stanley boosted their target price on shares of First Quantum Minerals from C$24.60 to C$31.20 in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of C$32.09.

First Quantum Minerals Stock Performance

Shares of FM stock traded down C$0.65 during mid-day trading on Friday, hitting C$31.88. The stock had a trading volume of 1,122,382 shares, compared to its average volume of 2,416,084. First Quantum Minerals has a fifty-two week low of C$14.41 and a fifty-two week high of C$33.88. The firm has a market cap of C$26.59 billion, a PE ratio of 127.52, a PEG ratio of -1.28 and a beta of 1.58. The company has a debt-to-equity ratio of 56.41, a current ratio of 1.80 and a quick ratio of 1.41. The company's 50-day simple moving average is C$26.01 and its 200-day simple moving average is C$22.48.

Insider Buying and Selling

In other First Quantum Minerals news, Senior Officer Zenon Wozniak sold 8,135 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of C$22.82, for a total transaction of C$185,640.70. Corporate insiders own 19.35% of the company's stock.

First Quantum Minerals Company Profile

First Quantum Minerals Ltd is a diversified mining company. The company's principal activities include mineral exploration, mine engineering and construction, and development and mining operations. The firm produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite.

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