Scotiabank Raises First Quantum Minerals (TSE:FM) Price Target to C$28.00

Key Points

• Scotiabank has raised its price target for First Quantum Minerals from C$27.00 to C$28.00, suggesting a potential upside of 22.70% from the current stock price.
• Multiple analysts have recently adjusted their ratings, with the consensus rating for First Quantum Minerals classified as a "Moderate Buy" and a consensus price target of C$22.99.
• The company’s shares recently traded down by 2.2%, with a current price of C$22.82, while it has a market capitalization of C$12.95 billion and a debt-to-equity ratio of 56.41.

First Quantum Minerals (TSE:FM - Free Report) had its price target upped by Scotiabank from C$27.00 to C$28.00 in a report issued on Wednesday,BayStreet.CA reports. Scotiabank currently has a sector perform rating on the stock.

FM has been the topic of a number of other reports. Raymond James Financial raised First Quantum Minerals to a "hold" rating in a research note on Monday, June 30th. TD Securities dropped their price target on shares of First Quantum Minerals from C$25.00 to C$24.00 and set a "hold" rating for the company in a research report on Friday, July 25th. Morgan Stanley dropped their price target on First Quantum Minerals from C$19.70 to C$19.40 in a research note on Wednesday, April 9th. BMO Capital Markets upgraded First Quantum Minerals to a "strong-buy" rating in a report on Tuesday, April 15th. Finally, Canaccord Genuity Group upgraded First Quantum Minerals from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 16th. Seven investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, First Quantum Minerals presently has an average rating of "Moderate Buy" and a consensus price target of C$22.99.

First Quantum Minerals Trading Up 2.6%

Shares of FM traded up C$0.60 on Wednesday, hitting C$23.76. 1,447,224 shares of the stock traded hands, compared to its average volume of 2,482,896. First Quantum Minerals has a 1 year low of C$13.81 and a 1 year high of C$25.96. The stock's 50 day moving average is C$22.89 and its two-hundred day moving average is C$20.26. The firm has a market capitalization of C$13.49 billion, a P/E ratio of -8.78, a P/E/G ratio of -1.28 and a beta of 1.73. The company has a quick ratio of 1.41, a current ratio of 1.80 and a debt-to-equity ratio of 56.41.

Insider Transactions at First Quantum Minerals

In other First Quantum Minerals news, Senior Officer Zenon Wozniak sold 8,135 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of C$22.82, for a total transaction of C$185,640.70. Also, Director Alison Cheryl Beckett bought 1,029 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was purchased at an average price of C$24.59 per share, with a total value of C$25,307.84. Insiders own 19.35% of the company's stock.

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.