First Quantum Minerals downgraded to Hold from Buy at Canaccord

Canaccord downgraded First Quantum Minerals (FQVLF) to Hold from Buy with a price target of C$20, down from C$24. Given copper production guidance below expectations and a higher than expected view of capital expenditures and costs, the firm now sees a funding gap of about $500M beyond the available room on the credit facility, the analyst tells investors.