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Investing.com - JPMorgan has upgraded First Quantum Minerals Ltd. (TSX:FM) (OTC:FQVLF) from Neutral to Overweight, more than doubling its price target to C$42.00 from C$20.00.
The upgrade follows a recent investor trip to First Quantum’s Zambia operations, where management highlighted that the Kansanshi S3 expansion is ramping up on schedule. JPMorgan forecasts First Quantum’s Q3 2025 EBITDA at $526 million, 5% above Bloomberg consensus, with net debt of approximately $4.4 billion, 8% below consensus estimates.
The Panamanian government has commenced an environmental audit of the Cobre Panama mine site, with findings expected by year-end that could lead to a definitive agreement about restarting the mine in early 2026. JPMorgan estimates the market is currently pricing in approximately 60% of Cobre Panama’s net present value of about $13 billion.
First Quantum has managed reduced power availability in Zambia through imported power, though this remains a key factor for its 2025 copper production guidance of 380-440 kilotonnes and C1 cash costs of $1.85-2.10 per pound.
Following the Royal Gold transaction, JPMorgan expects management is unlikely to consider a minority stake sale in the Zambian operations and faces less pressure to divest other operations such as Las Cruces.
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