12:45 PM EDT, 04/26/2024 (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 lift our 12-month target by CAD4 to CAD20, which assumes FM will trade at an EV/EBITDA of 10.8x our 2025 EBITDA estimate, a large premium to FM's three-year avg. forward EV/EBITDA of 7.1x, as we normalize for the transitory headwind and trough earnings in 2024 and 2025, with production at Cobre Panama shut in. We widen our 2024 loss per share estimate by USD0.14 to USD0.16, but raise our 2025 EPS forecast by USD0.15 to USD0.49. FM posted a Q1 adj. loss per share of USD0.20 vs. adj. EPS of $0.11 in the prior-year period, $0.07 below consensus. Q1 revenue declined 34% Y/Y, but beat consensus by 14%. FM's earnings were negatively impacted by drought conditions in Zambia and the ongoing geopolitical environment in Panama, where Cobre Panama has been forced to stop producing. We have a positive view on FM's organic growth potential from the Kansanshi S3 expansion. We recognize the risk in Panama, but we expect the presidential election in early May will be a positive inflection point for Cobre Panama's outlook.