Foran Mining (CVE:FOM) Cut to Sector Perform at Scotiabank

Foran Mining (CVE:FOM) was downgraded by Scotiabank from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. They presently have a C$6.60 target price on the stock, up from their previous target price of C$6.00. Scotiabank’s price objective would indicate a potential upside of 104.33% from the stock’s current price.

Several other equities analysts have also recently commented on FOM. Ventum Financial boosted their target price on Foran Mining from C$5.25 to C$5.50 in a research report on Tuesday, December 16th. National Bank Financial boosted their price target on shares of Foran Mining from C$5.25 to C$8.50 in a research note on Thursday, January 29th. ATB Cormark Capital Markets cut shares of Foran Mining from an “outperform” rating to a “tender” rating and raised their price objective for the company from C$5.00 to C$6.60 in a research report on Tuesday, February 3rd. Finally, Stifel Nicolaus downgraded shares of Foran Mining from a “buy” rating to a “hold” rating and lifted their price objective for the stock from C$5.50 to C$6.60 in a report on Wednesday, February 11th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$5.97.

Foran Mining Price Performance

Shares of FOM stock traded up C$0.12 during trading hours on Tuesday, reaching C$3.23. The stock had a trading volume of 1,032,727 shares, compared to its average volume of 494,615. The stock’s fifty day simple moving average is C$3.23 and its 200 day simple moving average is C$3.23. The firm has a market capitalization of C$1.72 billion, a PE ratio of -247.76 and a beta of 3.68. Foran Mining has a 12 month low of C$2.02 and a 12 month high of C$4.32. The company has a current ratio of 1.58, a quick ratio of 2.90 and a debt-to-equity ratio of 36.69.

Foran Mining Company Profile

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.