TD Securities Keeps a Buy Rating on First Quantum Mnrl

By Jason Carr

First Quantum Mnrl (TSX: FM), the Materials sector company was revisited on October 20, and remains undervalued for at least one analyst on the street. Analyst Greg Barnes from TD Securities reiterated a Buy rating, with a C$21 price target on October 20.

According to, Barnes is a 3-star analyst with an average return of 2.3% and a 53.8% success rate. Barnes covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Newmont Mining Corporation, and Teck Resources Limited.

Currently, the analyst consensus on First Quantum Mnrl is Strong Buy and the average price target is C$19.07, representing a 26.5% upside.

In a report issued on October 5, Canaccord Genuity also reiterated a Buy rating on the stock with a C$18.50 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$789 million and had a net profit of C$46.96 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 Friday at C$15.07.