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Investing.com - Deutsche Bank downgraded First Quantum Minerals (TSX:FM) stock rating from Buy to Hold on Wednesday, while lowering its price target to C$33.00 from C$35.00.
The downgrade follows a powerful rally in First Quantum shares, which have gained approximately 58% year-to-date, reflecting improved investor confidence regarding an eventual restart of the company’s Cobre Panama mine.
Deutsche Bank noted that First Quantum has executed well on key growth projects, particularly Kansanshi, and has taken important steps to strengthen its balance sheet since the bank’s June 2024 upgrade to Buy.
The research firm now sees a more balanced risk-reward profile for the mining company, citing continued uncertainty over if, when, and how the Cobre Panama mine will restart, with Deutsche Bank believing a phased restart could begin as early as the second half of 2026, though it might be delayed into 2027.
Deutsche Bank adjusted its estimates to align with First Quantum’s updated guidance from its third-quarter results, delaying the projected Cobre Panama restart from Q2 to Q3, which lowered the bank’s 2025 and 2026 EBITDA estimates by approximately 9% and 8% respectively.
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