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

Key Points

• Scotiabank has raised its price target for First Quantum Minerals from C$28.00 to C$34.00, indicating a potential upside of 5.95% from the current stock price.
• Several other analysts have also increased their target prices, with Citigroup setting a new target of C$39.00 and a "buy" rating.
• First Quantum Minerals shares traded up 1.1% on Tuesday, reaching C$32.09, with a market capitalization of C$26.77 billion.

First Quantum Minerals (TSE:FM - Get Free Report) had its price target increased by stock analysts at Scotiabank from C$28.00 to C$34.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's target price would suggest a potential upside of 5.95% from the company's current price.

A number of other research analysts also recently issued reports on the stock. 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 research report on Wednesday, October 8th. Stifel Nicolaus lifted their price target on shares of First Quantum Minerals from C$25.00 to C$26.00 and gave the company a "hold" rating in a research note on Wednesday, August 6th. Royal Bank Of Canada raised their target price on First Quantum Minerals from C$28.00 to C$30.00 in a research note on Wednesday, September 10th. Jefferies Financial Group raised their target price on First Quantum Minerals from C$33.00 to C$38.00 in a research note on Monday, October 6th. Finally, Barclays increased their price target on First Quantum Minerals from C$27.30 to C$38.00 in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of C$32.51.

First Quantum Minerals Trading Up 1.1%

Shares of First Quantum Minerals stock traded up C$0.34 on Tuesday, reaching C$32.09. 1,576,046 shares of the company's stock were exchanged, compared to its average volume of 2,418,614. The company has a market capitalization of C$26.77 billion, a P/E ratio of 128.36, a price-to-earnings-growth ratio of -1.28 and a beta of 1.58. First Quantum Minerals has a 52 week low of C$14.41 and a 52 week high of C$33.88. The firm's 50-day moving average is C$26.39 and its two-hundred day moving average is C$22.65. The company has a debt-to-equity ratio of 56.41, a quick ratio of 1.41 and a current ratio of 1.80.

Insider Transactions at First Quantum Minerals

In other First Quantum Minerals news, Senior Officer Zenon Wozniak sold 8,135 shares of First Quantum Minerals stock in a transaction on Friday, August 1st. The shares were sold at an average price of C$22.82, for a total transaction of C$185,640.70. 19.35% of the stock is owned by corporate 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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