Scotiabank Forecasts Strong Price Appreciation for First Quantum Minerals (TSE:FM) Stock

First Quantum Minerals (TSE:FM) had its price target boosted by stock analysts at Scotiabank from C$18.50 to C$23.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 18.56% from the stock’s current price.

Several other research firms have also weighed in on FM. JPMorgan Chase & Co. reduced their price target on shares of First Quantum Minerals from C$20.00 to C$18.00 in a research report on Friday, November 8th. National Bankshares upped their price objective on shares of First Quantum Minerals from C$21.00 to C$22.50 and gave the company an “outperform” rating in a report on Thursday, October 24th. Morgan Stanley upped their price objective on shares of First Quantum Minerals from C$20.20 to C$22.00 and gave the company an “equal weight” rating in a report on Thursday. Barclays raised shares of First Quantum Minerals from an “equal weight” rating to an “overweight” rating in a report on Tuesday, November 12th. Finally, Royal Bank of Canada upped their price objective on shares of First Quantum Minerals from C$22.00 to C$23.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$21.05.

First Quantum Minerals Stock Performance

TSE FM opened at C$19.40 on Thursday. First Quantum Minerals has a 1 year low of C$10.07 and a 1 year high of C$21.45. The company has a debt-to-equity ratio of 67.00, a current ratio of 2.35 and a quick ratio of 1.41. The firm has a market cap of C$16.18 billion, a price-to-earnings ratio of -7.49, a PEG ratio of -1.28 and a beta of 1.73. The company has a fifty day moving average price of C$18.72 and a 200-day moving average price of C$17.71.

Insider Activity at First Quantum Minerals

In related news, Senior Officer Zenon Wozniak sold 6,323 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of C$18.53, for a total value of C$117,165.19. 19.35% of the stock is currently owned by insiders.

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.