Foran Mining (CVE:FOM) Downgraded to Sector Perform Rating by Scotiabank

Foran Mining (CVE:FOM) was downgraded by equities researchers at Scotiabank from an “outperform” rating to a “sector perform” rating in a note issued to investors on Tuesday,BayStreet.CA reports. They presently have a C$6.60 price target on the stock, up from their prior price target of C$6.00. Scotiabank’s target price would suggest a potential upside of 104.33% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. ATB Cormark Capital Markets cut Foran Mining from an “outperform” rating to a “tender” rating and boosted their target price for the stock from C$5.00 to C$6.60 in a report on Tuesday, February 3rd. National Bank Financial raised their target price on shares of Foran Mining from C$5.25 to C$8.50 in a report on Thursday, January 29th. Stifel Nicolaus cut shares of Foran Mining from a “buy” rating to a “hold” rating and boosted their price target for the company from C$5.50 to C$6.60 in a research report on Wednesday, February 11th. Finally, Ventum Financial increased their price objective on Foran Mining from C$5.25 to C$5.50 in a research report on Tuesday, December 16th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Foran Mining currently has a consensus rating of “Hold” and an average target price of C$5.97.

Foran Mining Stock Performance

FOM stock traded up C$0.12 during trading on Tuesday, reaching C$3.23. The company had a trading volume of 1,032,727 shares, compared to its average volume of 494,615. Foran Mining has a twelve month low of C$2.02 and a twelve month high of C$4.32. The company has a market cap of C$1.72 billion, a price-to-earnings ratio of -247.76 and a beta of 3.68. The company has a debt-to-equity ratio of 36.69, a quick ratio of 2.90 and a current ratio of 1.58. The firm has a 50-day simple moving average of C$3.23 and a 200-day simple moving average of C$3.23.

Foran Mining Company Profile

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.