Stifel Nicolaus raised its price target on First Quantum to $47.00 from $38.00 and maintained their Buy rating, reflecting improved copper price assumptions, stronger free cash flow expectations, and growing confidence in operational stabilization following prior disruptions.
TD Securities maintained their Hold rating with a $41.00 target price, indicating a more balanced risk-reward view. TD appears to acknowledge improving fundamentals but remains cautious on execution risk, geopolitical exposure, and balance sheet sensitivity to commodity price volatility.
Scotiabank maintained their Sector Perform with a $44.00 target price, suggesting expectations for performance broadly in line with the sector. The stance likely reflects constructive long-term copper fundamentals offset by near-term operational and jurisdictional uncertainties.
CIBC World Markets maintained their Neutral rating, with a $46.00 target price, signaling moderate upside potential but limited conviction relative to peers. CIBC’s positioning factors in improving macro support for copper while balancing capital intensity and project delivery risks.
