-- Stifel Canada on Wednesday maintained its buy rating on the shares of First Quantum Minerals (FM.TO) and its C$52.00 price target following the miner's first-quarter results.
"First Quantum reported Q1/26 adjusted EPS of ($0.18) vs. our $0.02 (consensus: $0.03) and EBITDA of $326Mln vs. our $316Mln. Q1/26 EPS was negatively impacted by higher interest ($0.06 impact) and income tax ($0.20 impact) while EBITDA includes hedge losses of $144Mln (EBITDA ex-hedge losses: $470Mln). Q1/26 copper production of 96.5Kt at C1 cash cost of $2.51/lb was stronger vs. our 84.2Kt at $2.69/lb. GOP Resolution No.27 (April 7, 2026) authorized removal, processing and export of Cobre Panama stockpiled ore with first copper expected in late Q2/26 and 30-40Kt of additional contained copper included in revised 2026 guidance to 405-475Kt (from 375-435Kt) as expected. The net impact incremental FY26 guidance reduces our implied EBITDA by $125Mln or -5%, including higher C1 cash costs to $2.15-2.40/lb (from $1.95-2.20/lb) due to supply chain and F/X risks, and lower gold production (-13% to 150-175Koz) reflecting timing of the gold transition at Guelb Moghrein," analyst Ralph Profiti wrote..
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