First Quantum Minerals Ltd (FM) Received its Third Buy in a Row

By Ryan Adsit

Analysts seem to be optimistic about First Quantum Minerals Ltd (FMResearch Report) lately, as after Barclays and Deutsche Bank rated the stock a Buy this past month, there is another positive note, this time from CIBC. CIBC’s analyst Oscar Cabrera reiterates their Buy rating on the shares today.

According to TipRanks.com, Cabrera ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -11.6% and a 43.5% success rate. Cabrera covers the Basic Materials sector, focusing on stocks such as First Quantum Minerals Ltd, Trevali Mining Corporation, and Teck Resources Limited.

Currently, the analyst consensus on First Quantum Minerals Ltd is a Strong Buy with an average price target of C$17.80, a 14.2% upside from current levels. In a report issued on March 19, Barclays also maintained a Buy rating on the stock with a C$17 price target.

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First Quantum Minerals Ltd’s market cap is currently C$10.55B and has a P/E ratio of 17.4. The company has a Price to Book ratio of 0.81.

First Quantum Minerals Ltd. engages in the production of copper, nickel, gold, zinc, and acid. It has operating mines in Zambia, Finland, Turkey, Spain, and Mauritania. It also develops Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru, and the Taca Taca copper-gold-molybdenum deposit in Argentina.

The company’s shares closed on Wednesday at C$15.59.