First Quantum upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded First Quantum Minerals to Outperform from Sector Perform with a price target of C$18, up from C$17. The firm says the recent financings provide First Quantum with the balance sheet relief to focus on near term copper growth with the S3 expansion at Kansanshi and recover value in Panama in the form of a restart or through arbitration. Cobre Panama remains the “key wildcard” but at the current valuation, there is more upside risk than downside, the analyst tells investors in a research note.