Barclays upgraded First Quantum Minerals (FQVLF) to Overweight from Equal Weight with a price target of C$25, up from C$18. The firm says higher copper prices are needed to incentive supply. Materially higher copper prices – potentially well in excess of $5/lb – are required for a considerable period to incentivize boards to approve the next generation of brownfield copper expansions in traditional base, the analyst tells investors in a research note.
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