First Quantum Mnrl Gets a Buy Rating from Jefferies

By Austin Angelo

Today, an analyst has provided a rating update for the Materials sector company, First Quantum Mnrl (TSX: FM). Analyst Chris LaFemina from Jefferies rated First Quantum Mnrl (TSX: FM) a Buy, setting a C$23 price target.

According to TipRanks.com, LaFemina is a 3-star analyst with an average return of 1.1% and a 59.1% success rate. LaFemina covers the Basic Materials sector, focusing on stocks such as Newmont Mining Corporation, Randgold Resources Limited, and Anglogold Ashanti Ltd.

Currently, the analyst consensus on First Quantum Mnrl is Strong Buy and the average price target is C$18.58, representing a 23.5% upside.

In a report issued on August 16, BMO Capital also reiterated a Buy rating on the stock with a C$19 price target.

Based on First Quantum Mnrl’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$1.05 billion and GAAP net loss of C$47.06 million. In comparison, last year the company earned revenue of C$850 million and had a net profit of C$160 million.

First Quantum Minerals Ltd. is a mining and metal company, which engages in the production of gold, copper, and nickel. It includes mineral exploration, development, and processing. The company was founded by Philip K.R. Pascall, Geoffrey Clive Newall, and Martin R. Rowley on December 21, 1983 and is headquartered in Vancouver, Canada.

The company’s shares closed on Thursday at C$15.05.