Analysts Embrace First Quantum despite Falling Copper Prices

First Quantum Minerals (FM) has received “strong buy” ratings from seven analysts, while six have rated the stock as a “buy.” The remaining 11 analysts polled by Thomson Reuters on July 5 rated the stock as a “hold” or some equivalent. First Quantum has received a mean consensus price target of 24.16 Canadian dollars, representing a potential upside of 30.0% over its July 5 closing price. In terms of recent action, on June 29, Scotiabank upgraded First Quantum to “focus list.” Prior to that, on June 14, TD Securities upgraded the stock from a “buy” to an “action list” and raised its target price from 25 to 30 Canadian dollars.