Raymond James analyst Farooq Hamed upgraded First Quantum Minerals to Outperform from Market Perform with a C$35 price target after the company and the government of Panama reached an agreement on a proposed concession contract for the Cobre Panama mine. The analyst believes the proposed contract signals a "significant reduction in risk" at Cobre Panama and for First Quantum.
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Published first on TheFly
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Read More on FQVLF:
- First Quantum Minerals upgraded to Neutral from Underweight at JPMorgan
- Franco-Nevada says First Quantum finalized draft of Cobre Panama concession pact
- First Quantum Minerals Finalizes Draft Concession Agreement With Government of Panamá on Future of Cobre Panamá
- First Quantum finalizes draft concession agreement with Government of Panama
- First Quantum Minerals price target raised to C$35 from C$33 at Deutsche Bank