UPDATE 1-RESEARCH ALERT-Raymond James upgrades First Uranium

June 18 (Reuters) - Raymond James upgraded First Uranium Corp (FIU.TO) to "outperform" from "market perform", saying investors should buy the stock following the sell-off that was triggered by the company's weak quarterly results.

Shares of First Uranium had slumped as much as 33 percent on Wednesday after the company reported quarterly results.

"We encourage investors to take advantage of the sell-off. Significant operational risks continue but risk/reward ratio has improved, in our view," the brokerage said in a research note.

On Wednesday, First Uranium posted a fourth-quarter loss of 8 cents a share, while analysts were expecting a loss of 3 cents.

The brokerage cut its price target on the Toronto-based company's stock to C$6.50 from C$8.50.

First Uranium shares closed at C$4.19 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Deepak Kannan)