The stock of First Quantum Minerals Limited (TSE:FM) gapped up by $0.23 today and has $20.73 target or 33.00% above today’s $15.59 share price. The 5 months technical chart setup indicates low risk for the $11.31B company. The gap was reported on Nov, 10 by Barchart.com. If the $20.73 price target is reached, the company will be worth $3.73 billion 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 3.60M shares traded hands. First Quantum Minerals Limited (TSE:FM) has risen 123.83% since April 6, 2016 and is uptrending. It has outperformed by 118.18% 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 -23.48% below today’s ($15.59) stock price. First Quantum Minerals has been the topic of 64 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of First Quantum Minerals Limited (TSE:FM) has “Strong Buy” rating given on Friday, December 4 by Raymond James. The firm has “Market Perform (Speculative)” rating by BMO Capital Markets given on Thursday, February 18. HSBC downgraded First Quantum Minerals Limited (TSE:FM) on Tuesday, January 12 to “Reduce” rating. The rating was upgraded by BMO Capital Markets on Tuesday, November 10 to “Outperform”. The rating was maintained by Barclays Capital on Wednesday, October 7 with “Overweight”. Citigroup maintained the stock with “Buy” rating in Wednesday, October 7 report. The firm earned “Focus Stock” rating on Friday, October 28 by Scotia Capital. The rating was maintained by RBC Capital Markets on Tuesday, January 19 with “Sector Perform”. The company was downgraded on Friday, July 8 by Berenberg. The rating was maintained by JP Morgan on Wednesday, October 7 with “Neutral”.
More notable recent First Quantum Minerals Limited (TSE:FM) news were published by: Business.Financialpost.com which released: “First Quantum Minerals Ltd issues ‘going concern’ warning amid high debt, weak …” on February 19, 2016, also Business.Financialpost.com with their article: “First Quantum Minerals Ltd upgraded to buy as liquidity improves” published on July 20, 2016, Business.Financialpost.com published: “Teck Resources Ltd and First Quantum Minerals Ltd upgraded at Canaccord” on July 25, 2016. More interesting news about First Quantum Minerals Limited (TSE:FM) were released by: Moodys.com and their article: “Moody’s downgrades FQM’s CFR to Caa1, senior unsecured notes to Caa2; negative …” published on January 08, 2016 as well as Business.Financialpost.com‘s news article titled: “First Quantum Minerals Ltd sells Kevitsa mine in Finland for US$712 million to …” with publication date: March 10, 2016.
First Quantum Minerals Ltd. is an international mining company. The company has a market cap of $11.31 billion. The Firm is engaged in mineral exploration, mine engineering and construction, development and mining. It has a 24.64 P/E ratio. It produces copper in concentrate, copper cathode, nickel in concentrate, gold, zinc, platinum-group elements and pyrite.
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