In a new note to investors yesterday, an analyst has provided a rating update for the Materials sector company, First Majestic (FR). BMO Capital’s analyst Ryan Thompson expressed some doubt about the stock, as it was downgraded to Hold with a C$8.25 price target.
According to TipRanks.com, Thompson is a 1-star analyst with an average return of -5.2% and a 55.8% success rate. Thompson covers the Basic Materials sector, focusing on stocks such as Endeavour Silver Corp, First Majestic Silver, and Silvercorp Metals Inc.
First Majestic has an analyst consensus of Moderate Buy, with a price target consensus of C$9.58, which is a 34.4% upside from current levels. In a report released yesterday, National Bank also maintained a Hold rating on the stock with a C$8.50 price target.
.
Based on First Majestic’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$7.72 million. In comparison, last year the company had a GAAP net loss of C$71.3 million.
First Majestic Silver Corp. engages in the production, development, exploration and acquisition of mineral properties. It owns and operates producing mines in México such as La Encantada Silver Mine; La Parrilla Silver Mine; San Martin Silver Mine; Del Toro Silver Mine; Santa Elena Silver/Gold Mine; and San Dimas Silver/Gold Mine.
The company’s shares closed on Tuesday at C$7.13.
