stockwatch.com Globe says First Quantum maintained at "sector perform"
2025-01-07 07:55 ET - In the News
The Globe and Mail reports in its Tuesday, Jan. 7, edition that Scotia Capital analysts continue to rate First Quantum Minerals "sector perform." The Globe's David Leeder writes in the Eye On Equities column that the Scotia Capital analysts cut their share target to $22 from $23. Analysts on average target the shares at $21.70. "Despite elevated near-term commodity price risk due to economic uncertainty in both China and ex-China markets," Scotia Capital analysts expect 2025 to be a "relatively solid year" for most miners, citing higher output and improved cash costs for most of their coverage universe. In a report released Monday, the firm said it is forecasting an improved average free cash flow yield in 2025 despite a "mixed" commodity price outlook. Analysts Orest Wowkodaw, Alfonso Salazar and Eric Winmill say in a note: "We note that Cameco and Hudbay Minerals have the best track record of meeting operating guidance over the past two years; conversely, Teck has demonstrated the weakest performance. We have also made several notable multiyear commodity price changes, including lower Cu-Ni-U3O8, higher Au-Ag-Zn-Fe, along with a weaker [loonie], resulting in mixed estimate changes."