01:40 PM EDT, 03/21/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by CAD2 to CAD16, as we assume FM will trade at an EV/EBITDA of 11.6x our 2024 EBITDA estimate, a large premium to FM's three-year average forward EV/EBITDA of 6.9x, which we think is warranted given the high probability that Cobre Panama will start producing again in the next two years. We think the current share price is baking in less than a 25% probability of a Cobre Panama restart. We think FM provides a compelling risk-reward, given our view that a Cobre Panama restart would be a significant positive catalyst. We raise our 2024 EPS estimate by $0.14 to a loss per share of -$0.02 and keep our 2025 EPS estimate at $0.34. We think FM will divest a minority stake in its Zambian portfolio, which would improve the balance sheet and give FM the time it needs to build rapport with the new Panamanian government in July, after elections in Panama.