Scotiabank Has Bearish Outlook for TSE:FM FY2026 Earnings

Key Points

• Scotiabank cut its FY2026 EPS estimate for First Quantum from $0.67 to $0.36 but still rates the stock "Outperform" with a $45 target, versus a consensus EPS of $0.56.
• Analyst views are mixed but generally positive: several firms have raised price targets (e.g., Stifel to C$52, UBS to C$50) and the consensus rating is a "Moderate Buy" with an average target of C$41.35, while JPMorgan recently downgraded to "Underperform."
• Operational and financial headwinds persist — the company reported C$0.01 EPS for the quarter with a negative net margin, and major assets like Cobre Panamá and Ravensthorpe are in preservation/care-and-maintenance phases.

First Quantum Minerals Ltd. (TSE:FM - Free Report) - Equities researchers at Scotiabank dropped their FY2026 earnings per share estimates for shares of First Quantum Minerals in a research report issued to clients and investors on Friday, April 17th. Scotiabank analyst O. Wowkodaw now anticipates that the company will post earnings per share of $0.36 for the year, down from their previous estimate of $0.67. Scotiabank currently has a "Outperform" rating and a $45.00 target price on the stock. The consensus estimate for First Quantum Minerals' current full-year earnings is $0.56 per share.

Other analysts have also recently issued research reports about the stock. Stifel Nicolaus upped their target price on shares of First Quantum Minerals from C$47.00 to C$52.00 and gave the company a "buy" rating in a research report on Wednesday, April 15th. UBS Group upgraded shares of First Quantum Minerals from a "hold" rating to a "buy" rating and upped their price objective for the company from C$38.00 to C$50.00 in a research report on Thursday, March 12th. Canadian Imperial Bank of Commerce upped their target price on shares of First Quantum Minerals from C$36.00 to C$46.00 in a research note on Wednesday, February 4th. JPMorgan Chase & Co. lowered shares of First Quantum Minerals from an "overweight" rating to an "underperform" rating and reduced their target price for the stock from C$48.00 to C$28.00 in a research note on Monday, March 9th. Finally, Jefferies Financial Group lifted their target price on First Quantum Minerals from C$38.00 to C$47.00 in a research report on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, First Quantum Minerals presently has an average rating of "Moderate Buy" and an average price target of C$41.35.

First Quantum Minerals Stock Performance

Shares of First Quantum Minerals stock opened at C$36.83 on Wednesday. The firm has a fifty day moving average of C$35.57 and a two-hundred day moving average of C$34.70. The stock has a market capitalization of C$30.50 billion, a price-to-earnings ratio of -1,227.67, a PEG ratio of -1.28 and a beta of 1.50. First Quantum Minerals has a 52 week low of C$16.30 and a 52 week high of C$45.17. The company has a debt-to-equity ratio of 52.92, a quick ratio of 1.41 and a current ratio of 1.42.

First Quantum Minerals (TSE:FM - Get Free Report) last issued its earnings results on Tuesday, February 10th. The company reported C$0.01 EPS for the quarter. The company had revenue of C$1.95 billion during the quarter. First Quantum Minerals had a negative net margin of 0.52% and a negative return on equity of 0.24%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.