H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on McEwen Mining (MUX) today and set a price target of $3.50. The company’s shares closed yesterday at $1.76, close to its 52-week low of $1.68.
Ihle said:
“We reiterate our Buy rating but lower our per share PT from $5.00 to $3.50. We note our price target declined $1 due to our lowered metals pricing, and $0.50 because of updated production results. Our valuation remains based on a DCF of operations at a NAV multiple of 1.8x, which is in-line with recent transactions of similar assets carrying similar geopolitical risks. We utilize a discount rate of 8% at Fox, amid a 9% discount rate at Bar, in-line with precious metal assets with similar risk profiles.”
According to TipRanks.com, Ihle is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -12.2% and a 20.4% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Golden Star Resources Ltd, and Northern Dynasty Minerals.
Currently, the analyst consensus on McEwen Mining is a Moderate Buy with an average price target of $3.50.
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The company has a one-year high of $2.55 and a one-year low of $1.68. Currently, McEwen Mining has an average volume of 2.14M.
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McEwen Mining, Inc. is a mining and minerals production and exploration company, which focuses on precious and base metals in Argentina, Mexico, and the United States. It operates through the following geographical segments: Mexico, MSC, Nevada, Los Azules, Canada, and Other. The company was founded on July 24, 1979 and is headquartered in Toronto, Canada.
