In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on First Majestic Silver (AG), with a price target of $8. The company’s shares opened today at $6.78.
Ihle noted:
“We maintain our Buy rating while increasing our PT from $7.50 per share to $8.00 per share. The raised price target is primarily attributable to an increase in our commodity price deck. Our valuation remains based on a NAV estimate blended with a multiple on our 2020E CFPS.”
According to TipRanks.com, Ihle is a 1-star analyst with an average return of -1.1% and a 44.2% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Golden Star Resources Ltd, and Northern Dynasty Minerals.
First Majestic Silver has an analyst consensus of Moderate Buy, with a price target consensus of $8.
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Based on First Majestic Silver’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $5.9 million. In comparison, last year the company had a GAAP net loss of $56.08 million.
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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.
