stockwatch.com Globe says First Quantum a "hold" for Stifel's McGill
2024-03-27 07:47 ET - In the News
The Globe and Mail reports in its Wednesday, March 27, edition that Stifel analyst Cole McGill has resumed coverage on First Quantum Minerals with a "hold" recommendation and a $14 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $16.44. Mr. McGill says in a note: "Now recapitalized after the shock suspension of mining at Cobre Panama, First Quantum will focus on growth from its Zambian operations. While remaining cautious on the Cobre Panama (our restart date: mid-2026), we highlight the company's high torque where a 10/20/30 cent move in copper above spot has the ability to see exit 2025 covenant ratio at 4.7 times, 4.4 times and four times ex asset sales and Cobre restart, above our base case of the company tripping covenants exiting 2025." The Globe reported on Nov. 2 that CIBC World Markets analyst Bryce Adams was cautious on First Quantum, which he rated "neutral." It was then worth $14.78. The Globe reported on Nov. 30 and Jan. 18 that National Bank's Shane Nagle rated First Quantum "sector perform" when it was worth $11.11 and $12.66. The Globe reported on March 1 that Mr. Nagle rated First Quantum "outperform," when it was worth $12.90.