Morgan Stanley Upgrades First Quantum Minerals (TSE:FM) to Overweight

Posted by Brian Himes on May 19th, 2026

First Quantum Minerals (TSE:FM – Get Free Report) was upgraded by Morgan Stanley from an “equal” rating to an “overweight” rating in a research note issued on Tuesday,BayStreet.CA reports. The firm currently has a C$42.20 price target on the stock, up from their prior price target of C$37.70. Morgan Stanley’s price target points to a potential upside of 23.46% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. UBS Group upgraded First Quantum Minerals from a “hold” rating to a “buy” rating and upped their price target for the company from C$38.00 to C$50.00 in a research report on Thursday, March 12th. Barclays decreased their price target on First Quantum Minerals from C$44.60 to C$42.20 in a research report on Monday, May 4th. Stifel Nicolaus upped their price target on First Quantum Minerals from C$47.00 to C$52.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Canadian Imperial Bank of Commerce upped their price target on First Quantum Minerals from C$36.00 to C$46.00 in a research report on Wednesday, February 4th. Finally, JPMorgan Chase & Co. upgraded First Quantum Minerals from an “underweight” rating to a “neutral” rating and upped their price target for the company from C$28.00 to C$37.00 in a research report on Friday, April 24th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$42.91.

Get Our Latest Research Report on FM

First Quantum Minerals Stock Performance

First Quantum Minerals stock traded down C$0.66 during midday trading on Tuesday, reaching C$34.18. The stock had a trading volume of 1,523,735 shares, compared to its average volume of 3,020,405. First Quantum Minerals has a 12 month low of C$19.46 and a 12 month high of C$45.17. The firm’s 50-day moving average price is C$34.60 and its 200 day moving average price is C$35.15. The firm has a market capitalization of C$28.31 billion, a PE ratio of -142.42, a P/E/G ratio of -1.28 and a beta of 1.49. The company has a quick ratio of 1.41, a current ratio of 1.76 and a debt-to-equity ratio of 54.67.

First Quantum Minerals (TSE:FM – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported C($0.25) earnings per share (EPS) for the quarter. First Quantum Minerals had a negative net margin of 3.69% and a negative return on equity of 1.78%. The firm had revenue of C$1.95 billion during the quarter. As a group, research analysts predict that First Quantum Minerals will post 0.55872 earnings per share for the current fiscal year.

First Quantum Minerals Company Profile

(Get Free Report)

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.

Morgan Stanley Upgrades First Quantum Minerals (TSE:FM) to Overweight

First Quantum Minerals Stock Performance

First Quantum Minerals Company Profile

See Also

You might be interested in: