First Quantum Minerals price target lowered to C$15 from C$38 at RBC Capital

RBC Capital lowered the firm’s price target on First Quantum Minerals to C$15 from C$38 and keeps a Sector Perform rating on the shares. The firm is updating its estimates to reflect the shutdown of the Cobre Panama mine following last week’s supreme court ruling to revoke Law 406, the analyst tells investors in a research note. RBC has removed CP production from its model through the first half of 2024 as uncertainty remains if and when the mine can resume production, though the Presidential Election next May could provide more clarity, the firm adds.