First Quantum Minerals (TSE:FM) Upgraded by JPMorgan Chase & Co. to "Overweight" Rating

Key Points

• First Quantum Minerals has been upgraded from a "neutral" to an "overweight" rating by JPMorgan Chase & Co., with a new target price of C$42.00, suggesting a potential upside of 31.74% from its current price.
• Other analysts have adjusted their price targets as well, with National Bankshares raising theirs to C$36.00 and Royal Bank Of Canada to C$30.00, indicating a consensus average target price of C$32.09.
• First Quantum's stock was trading down 2.0% on Friday, reaching C$31.88, but the company has shown significant growth potential with a market capitalization of C$26.59 billion.

First Quantum Minerals (TSE:FM - Get Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Friday,BayStreet.CA reports. The firm currently has a C$42.00 target price on the stock, up from their previous target price of C$20.00. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 31.74% from the company's current price.

Other research analysts have also issued research reports about the company. Desjardins increased their price target on First Quantum Minerals from C$25.00 to C$26.00 and gave the stock a "hold" rating in a research note on Wednesday, August 20th. National Bankshares upped their price objective on First Quantum Minerals from C$32.00 to C$36.00 and gave the stock an "outperform" rating in a report on Wednesday. Royal Bank Of Canada upped their price objective on First Quantum Minerals from C$28.00 to C$30.00 in a report on Wednesday, September 10th. Morgan Stanley upped their price objective on First Quantum Minerals from C$24.60 to C$31.20 in a report on Wednesday. Finally, Raymond James Financial increased their price target on First Quantum Minerals from C$23.00 to C$25.00 in a report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$32.09.

First Quantum Minerals Trading Down 2.0%

Shares of First Quantum Minerals stock traded down C$0.65 during trading hours on Friday, reaching C$31.88. 1,122,382 shares of the company's stock were exchanged, compared to its average volume of 2,416,084. First Quantum Minerals has a 52-week low of C$14.41 and a 52-week high of C$33.88. The firm has a market capitalization of C$26.59 billion, a price-to-earnings ratio of 127.52, a price-to-earnings-growth ratio of -1.28 and a beta of 1.58. The company has a fifty day moving average of C$26.01 and a 200-day moving average of C$22.48. The company has a current ratio of 1.80, a quick ratio of 1.41 and a debt-to-equity ratio of 56.41.

Insiders Place Their Bets

In related 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 value of C$185,640.70. 19.35% of the stock is currently owned by insiders.

About First Quantum Minerals

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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