02:00 PM EDT, 05/05/2026 (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 decrease our 12-month target price by CAD5 to CAD40, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, a discount to FM's three-year average forward EV/EBITDA of 10.6x but close to peers, with an average of 8.3x. We lower our 2026 EPS estimate by $0.33 to $0.53 and 2027 by $0.22 to $1.95. FM faces near-term cost pressures from Middle East tensions, with fuel representing 15% of total costs and potential upward pressure of $0.25/lb on C1 guidance (fuel +$0.20, Kwacha +$0.10, partially offset by gold -$0.05). However, the company's fundamentals remain strong with authorization to process Cobre Panama stockpiles (30-40kt copper expected in 2026), Kansanshi S3 operating 25% above design, and record nickel production at Enterprise. FM strengthened its balance sheet with a $1.5B 10-year bond at 6.375% and extended maturities to 2036. The Taca Taca project (291kt/year copper over first 10 years, 19.3% IRR) provides significant long-term growth optionality once the balance sheet is positioned to support development.