First Quantum Minerals downgraded to Equal Weight at Morgan Stanley

Morgan Stanley downgraded First Quantum Minerals to Equal Weight from Overweight with a C$20.30 price target. Shares appear fairly valued following the stock’s year-to-date re-rating, contends the analyst, who highlights a wide range of reopening scenarios at Cobre Panama and “limited visibility on value unlock via divestments.” Outperformance from here will depend on the mine restart pathway and/or a successful Zambia stake sale, the analyst tells investors.