stockwatch.com Canaccord Baretto maintains First Quantum at "buy"
2024-07-26 09:16 ET - In the News
The Globe and Mail reports in its Friday, July 26, edition that Canaccord Genuity analyst Dalton Baretto trimmed his share price target on First Quantum Minerals in the wake of the company's second quarter results, linking the action to Canaccord updating its estimates for the Kansanshi project in Zambia. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Baretto continues to rate the shares at "buy." He gave his share target a $1.50 trim to $23.50. Analysts on average target the shares at $20.63. Mr. Baretto says in a note: "With the balance sheet and liquidity concerns now addressed, First Quantum remains a copper producer of scale, with growth via the Kansanshi S3 project and significant optionality via a potential Cobre Panama restart (in addition to the greenfield pipeline) in a copper M&A market that remains warm. We note a number of derisking events that were highlighted this quarter: opportunistic hedging with a floor above the current spot price; addressing the increasing power shortages in Zambia along with solid operations; putting guardrails around the Jiangxi ownership block with the new agreement; and engagement with the new Mulino administration in Panama."