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The Globe and Mail reports in its Wednesday, May 22, edition that BMO Nesbitt Burns analyst Jackie Przybylowski has lowered her recommendation for First Quantum Minerals to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Ms. Przybylowski gave her share target a $2 boost to $19. Analysts on average target the shares at $18.52. Ms. Przybylowski says in a note: "First Quantum share price has appreciated significantly year-to-date and, even with an increase to our target multiple, we see the shares as fully valued today. This review was conducted as part of our normal practice of reviewing our ratings and targets after quarterly earnings are wrapped up. ... We continue to assume Cobre Panama restarts in mid-2025 (unchanged) and that First Quantum will continue to own and operate the mine. We don't currently assume any increases to taxes, royalties, or other costs related to the restart. The uncertainty around timing and cost of the restart is reflected in our NAV target multiple, which we set at 0.7 times (versus one times for other mature operations such as Kansanshi and Sentinel). ... First Quantum share price is still above our revised one-year target."
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