Fortuna Silver Mines (TSX: FVI), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Ryan Thompson from BMO Capital rated Fortuna Silver Mines (TSX: FVI) a Buy, setting a C$9 price target.
According to TipRanks.com, Thompson is a 2-star analyst with an average return of 5.2% and a 60.0% success rate. Thompson covers the Basic Materials sector, focusing on stocks such as First Majestic Silver, Hecla Mining Company, and Coeur Mining.
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Currently, the analyst consensus on Fortuna Silver Mines is a Moderate Buy with an average price target of C$9.63, which is a 34.2% upside from current levels. In a report issued on July 12, Canaccord Genuity also reiterated a Buy rating on the stock with a C$10.25 price target.
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Based on Fortuna Silver Mines’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$17.4 million. In comparison, last year the company had a net profit of C$11.96 million.
Fortuna Silver Mines, Inc. engages in the exploration, extraction and processing of precious and base metal in Latin America. It operates through the following business segments: Bateas, Cuzcatlan, Lindero, and Corporate. The Beates segment operates the Caylloma silver, lead, and zinc mine. The Cuzcatlan segment handles the San Jose silver-gold mine.
The company’s shares closed on Tuesday at C$7.18.