Scotiabank Issues Pessimistic Estimate for TSE:FM Earnings

Key Points

• Scotiabank cut its FY2026 EPS estimate for First Quantum to ($0.19) (from $0.36) while maintaining an Outperform rating and a $45.00 price target, and projects FY2027 EPS of $1.84.
• Broker actions are mixed—CIBC, BMO and Stifel raised targets while Barclays and Scotia trimmed theirs—leaving a MarketBeat consensus of “Moderate Buy” with an average target of C$42.49.
• First Quantum reported a recent quarterly loss of C($0.25) per share, has negative margins and ROE, and has placed key assets (Cobre Panamá, Ravensthorpe) into preservation/care, pressuring near-term earnings as the stock trades near C$31.

First Quantum Minerals Ltd. (TSE:FM - Free Report) - Equities research analysts at Scotiabank reduced their FY2026 earnings per share estimates for First Quantum Minerals in a report issued on Friday, May 1st. Scotiabank analyst O. Wowkodaw now anticipates that the company will post earnings of ($0.19) per share for the year, down from their prior estimate of $0.36. Scotiabank has a "Outperform" rating and a $45.00 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 $1.84 EPS.

FM has been the subject of several other research reports. Canadian Imperial Bank of Commerce upped their price target on First Quantum Minerals from C$36.00 to C$46.00 in a research note on Wednesday, February 4th. BMO Capital Markets upped their price target on First Quantum Minerals from C$40.00 to C$48.00 in a research note on Wednesday, April 22nd. Stifel Nicolaus upped their price target on First Quantum Minerals from C$47.00 to C$52.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Barclays cut their price target on First Quantum Minerals from C$44.60 to C$42.20 in a research note on Monday. Finally, Scotia cut their price target on First Quantum Minerals from C$47.00 to C$44.00 and set a "sector outperform" rating for the company in a research note on Thursday, April 30th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of C$42.49.

First Quantum Minerals Price Performance

Shares of TSE FM opened at C$31.04 on Tuesday. The company has a current ratio of 1.76, a quick ratio of 1.41 and a debt-to-equity ratio of 54.67. First Quantum Minerals has a twelve month low of C$18.43 and a twelve month high of C$45.17. The stock has a 50 day moving average of C$35.42 and a two-hundred day moving average of C$34.87. The stock has a market cap of C$25.71 billion, a P/E ratio of -129.33, a P/E/G ratio of -1.28 and a beta of 1.50.

First Quantum Minerals (TSE:FM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported C($0.25) earnings per share for the quarter. First Quantum Minerals had a negative net margin of 3.69% and a negative return on equity of 1.78%. The firm had revenue of C$1.95 billion during the quarter.

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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