First Quantum upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Ioannis Masvoulas upgraded First Quantum Minerals to Equal Weight from Underweight with a price target of C$31, down from C$32. The company’s “moderating risks” around its fiscal year guidance and the Cobre Panama contract talks, as well as the stock’s relative underperformance versus copper peers, point to a more balanced risk/reward, the analyst tells investors in a research note.