Raymond James Increases First Quantum Minerals (TSE:FM) Price Target to C$19.00

First Quantum Minerals (TSE:FM) had its price objective raised by investment analysts at Raymond James from C$16.00 to C$19.00 in a report issued on Tuesday, BayStreet.CA reports. Raymond James’ price target would indicate a potential upside of 20.94% from the stock’s previous close. Raymond James also issued estimates for First Quantum Minerals’ Q1 2024 earnings at ($0.10) EPS, Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at ($0.01) EPS and FY2024 earnings at ($0.15) EPS.

A number of other analysts have also issued reports on FM. Scotiabank dropped their price target on shares of First Quantum Minerals from C$14.50 to C$13.00 and set a “sector perform” rating for the company in a research note on Thursday, February 22nd. Canaccord Genuity Group boosted their target price on shares of First Quantum Minerals from C$21.00 to C$22.00 in a research note on Wednesday, April 17th. Royal Bank of Canada upgraded shares of First Quantum Minerals from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from C$17.00 to C$18.00 in a research note on Monday, March 4th. BMO Capital Markets boosted their target price on shares of First Quantum Minerals from C$7.50 to C$8.50 in a research note on Wednesday, April 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of First Quantum Minerals from C$12.00 to C$18.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$16.26.

First Quantum Minerals Price Performance

TSE FM traded down C$0.22 during trading hours on Tuesday, reaching C$15.71. The company’s stock had a trading volume of 1,229,064 shares, compared to its average volume of 3,027,462. The stock has a market cap of C$13.09 billion, a PE ratio of -8.42, a PEG ratio of -1.28 and a beta of 2.01. The company has a debt-to-equity ratio of 81.21, a quick ratio of 1.41 and a current ratio of 1.72. The company’s 50-day moving average is C$13.94 and its two-hundred day moving average is C$15.17. First Quantum Minerals has a fifty-two week low of C$9.31 and a fifty-two week high of C$39.13.

First Quantum Minerals (TSE:FM) last announced its quarterly earnings data on Tuesday, February 20th. The company reported C($0.50) earnings per share for the quarter, missing the consensus estimate of C($0.10) by C($0.40). The company had revenue of C$1.66 billion for the quarter, compared to analysts’ expectations of C$1.58 billion. First Quantum Minerals had a negative return on equity of 10.80% and a negative net margin of 14.78%. Analysts forecast that First Quantum Minerals will post 0.7906736 EPS for the current year.

About First Quantum Minerals

First Quantum Minerals Ltd., together with its subsidiaries, engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, pyrite, silver, gold, and zinc ores, as well as produces acid. The company has operating mines located in Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania, as well as a development project in Zambia.