H.C. Wainwright Sticks to Its Buy Rating for First Majestic Silver (AG)


In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on First Majestic Silver (NYSE: AG), with a price target of $9. The company’s shares closed yesterday at $6.30.

Ihle commented:

“We highlight that the mill at San Dimas processed silver and gold at grades of 269g/t and 4.0g/t, respectively, which is slightly below our modeled silver grades of 320g/t and in-line with our modeled gold grades of 4.0g/t. That said, given larger-than-expected production mainly attributable to tonnage in 3Q18, we are increasing our 2018 production forecast for the mine to 7.7 million SEOs (prior was 7.1 million). Strong production from Santa Elena. First Majestic reported a total of 1.5 million a slight increase from 1.4 million SEOs in 2Q18. The increase was primarily due to strong underground silver grades (128g/t vs 120g/t in 2Q18) and an increased underground/ heap leach mix, with both underground and heap leach ore having higher grades. Management highlighted a 25-year agreement with the local Ejido for surface and access rights to the Ermitaño West project.”

According to TipRanks.com, Ihle is ranked 0 out of 5 stars with an average return of -2.1% and a 35.2% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for First Majestic Silver with a $9 average price target.

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Based on First Majestic Silver’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $40.03 million. In comparison, last year the company had a GAAP net loss of $1.32 million.

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First Majestic Silver Corp. engages in the business of the production, development, exploration, and acquisition of mineral properties. It focuses in the silver assets of Santa Elena Silver of Gold Mine, La Encantada Silver Mine, La Parrilla Silver Mine, Del Toro Silver Mine, San Martin Silver Mine, and the La Guitarra Silver Mine.

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