-- CIBC Capital Markets maintained its neutral rating on the shares of First Quantum Minerals (FM.TO) while lowering its price target to C$44.00 from $46.00, reflecting the company's first-quarter results and 2026 outlook.
Overall, CIBC's 2026 EBITDA estimate was cut to $2.57 billion from $3.48 billion, driven by additional costs, reduced gold production at the Guelb Moghrein mine in Mauritana, and slightly lower copper sales from the Cobre Panama mine.
Largely offsetting this near-term impact was the increase to the company's net asset value per share estimate to $33.77 from $31.94, reflecting the decrease to the discount rate of Cobre Panama from 14% to 12% amid continued de-risking towards a potential restart with processing of broken ore inventory.
CIBC increased the NAVPS multiple to 1.1x from 1.0x and the EV/EBITDA multiple to 10.0x from 9.0x, as it remains constructive on Cobre Panama moving towards a restart in the next 18 months.
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Price: $31.44, Change: $+0.40, Percent Change: +1.27%