Scotiabank Has Bearish Forecast for TSE:FM FY2026 Earnings

Key Points

• Scotiabank cut its FY2026 EPS forecast for First Quantum Minerals to C$0.07 from C$0.22, well below the C$0.56 consensus estimate, while maintaining a “Sector Outperform” rating and C$55 price target.
• Analyst sentiment remains broadly positive, with the stock holding a “Moderate Buy” consensus rating and an average target price of C$44.68, despite several firms recently lowering their price targets.
• First Quantum reported a quarterly loss of C$0.19 per share on C$2.16 billion in revenue, while its shares opened at C$42.00 and remained below their 12-month high of C$46.36.

First Quantum Minerals Ltd. (TSE:FM - Free Report) - Scotiabank reduced their FY2026 earnings per share (EPS) estimates for First Quantum Minerals in a note issued to investors on Tuesday, August 4th. Scotiabank analyst O. Wowkodaw now forecasts that the company will post earnings per share of $0.07 for the year, down from their prior forecast of $0.22. Scotiabank has a "Sector Outperform" rating and a $55.00 price objective on the stock. The consensus estimate for First Quantum Minerals' current full-year earnings is $0.56 per share. Scotiabank also issued estimates for First Quantum Minerals' FY2027 earnings at $2.11 EPS.

Several other research firms also recently weighed in on FM. Canadian Imperial Bank of Commerce dropped their price target on First Quantum Minerals from C$44.00 to C$41.00 in a research note on Thursday, July 30th. Morgan Stanley reduced their price objective on shares of First Quantum Minerals from C$46.30 to C$45.20 in a research report on Wednesday, July 8th. Canaccord Genuity Group lowered their target price on shares of First Quantum Minerals from C$48.00 to C$46.00 and set a "buy" rating on the stock in a report on Thursday, April 30th. National Bank Financial upped their target price on shares of First Quantum Minerals from C$47.00 to C$50.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. raised shares of First Quantum Minerals from an "underweight" rating to a "neutral" rating and raised their target price for the company from C$28.00 to C$37.00 in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of C$44.68.

First Quantum Minerals Stock Down 1.5%

Shares of FM opened at C$42.00 on Friday. The business's 50 day moving average is C$40.14 and its 200 day moving average is C$37.74. The company has a market capitalization of C$35.04 billion, a PE ratio of -466.67, a price-to-earnings-growth ratio of -1.28 and a beta of 1.38. First Quantum Minerals has a 12-month low of C$22.21 and a 12-month high of C$46.36. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 54.66.

First Quantum Minerals (TSE:FM - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported C($0.19) earnings per share for the quarter. First Quantum Minerals had a negative return on equity of 0.73% and a negative net margin of 1.44%.The business had revenue of C$2.16 billion during the quarter.

Insider Buying and Selling

In other First Quantum Minerals news, insider Gavin Ashley sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of C$46.00, for a total transaction of C$920,000.00. Following the completion of the transaction, the insider owned 75,905 shares in the company, valued at C$3,491,630. This trade represents a 20.85% decrease in their position. Also, Director Kathleen Applegate Hogenson acquired 1,073 shares of First Quantum Minerals stock in a transaction on Tuesday, June 30th. The stock was purchased at an average cost of C$37.53 per share, for a total transaction of C$40,269.69. Following the purchase, the director owned 62,240 shares in the company, valued at approximately C$2,335,867.20. The trade was a 1.75% increase in their ownership of the stock. 19.35% of the stock is currently owned by corporate insiders.

About First Quantum Minerals

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.

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