The stock of First Quantum Minerals Limited (TSE:FM) gapped up by $0.02 today and has $20.99 target or 48.00% above today’s $14.18 share price. The 8 months technical chart setup indicates low risk for the $10.60B company. The gap was reported on Nov, 9 by Barchart.com. If the $20.99 price target is reached, the company will be worth $5.09B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 2.69M shares traded hands. First Quantum Minerals Limited (TSE:FM) has risen 112.11% since April 5, 2016 and is uptrending. It has outperformed by 107.33% the S&P500.
First Quantum Minerals Limited (TSE:FM) Ratings Coverage
Out of 14 analysts covering First Quantum Minerals (TSE:FM), 6 rate it a “Buy”, 4 “Sell”, while 4 “Hold”. This means 43% are positive. $20 is the highest target while $3.50 is the lowest. The $11.93 average target is -15.87% below today’s ($14.18) stock price. First Quantum Minerals has been the topic of 64 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Barclays Capital maintained First Quantum Minerals Limited (TSE:FM) on Wednesday, October 7 with “Overweight” rating. TD Securities maintained First Quantum Minerals Limited (TSE:FM) rating on Friday, August 7. TD Securities has “Buy” rating and $15.50 price target. The stock of First Quantum Minerals Limited (TSE:FM) earned “” rating by BNP Paribas on Friday, July 29. The stock of First Quantum Minerals Limited (TSE:FM) earned “Neutral” rating by Dundee Securities on Friday, October 14. On Monday, October 31 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. Raymond James upgraded the stock to “Strong Buy” rating in Friday, December 4 report. BMO Capital Markets upgraded the shares of FM in a report on Tuesday, November 10 to “Outperform” rating. On Thursday, July 21 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The firm has “Neutral” rating given on Wednesday, October 7 by JP Morgan. The stock of First Quantum Minerals Limited (TSE:FM) has “Sector Perform” rating given on Tuesday, January 19 by RBC Capital Markets.
More notable recent First Quantum Minerals Limited (TSE:FM) news were published by: Juniorminingnetwork.com which released: “First Quantum Minerals Provides Update on ZCCM-IH Arbitration and High Court …” on November 09, 2016, also Business.Financialpost.com with their article: “Teck Resources Ltd and First Quantum Minerals Ltd upgraded at Canaccord” published on July 25, 2016, Business.Financialpost.com published: “First Quantum Minerals Ltd upgraded to buy as liquidity improves” on July 20, 2016. More interesting news about First Quantum Minerals Limited (TSE:FM) were released by: Business.Financialpost.com and their article: “First Quantum Minerals Ltd issues ‘going concern’ warning amid high debt, weak …” published on February 19, 2016 as well as Moodys.com‘s news article titled: “Moody’s downgrades FQM’s CFR to Caa1, senior unsecured notes to Caa2; negative …” with publication date: January 08, 2016.
First Quantum Minerals Ltd. is an international mining company. The company has a market cap of $10.60 billion. The Firm is engaged in mineral exploration, mine engineering and construction, development and mining. It has a 22.63 P/E ratio. It produces copper in concentrate, copper cathode, nickel in concentrate, gold, zinc, platinum-group elements and pyrite.
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