H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on MAG Silver Corp (MAG) today and set a price target of $16.50. The company’s shares closed yesterday at $9.23.
Ihle said:
“We note that given its depth within the hanging wall, management believes the area could eventually represent a secondary mineralization zone at depth.”
According to TipRanks.com, Ihle is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -6.0% and a 33.5% 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 MAG Silver Corp is a Strong Buy with an average price target of $16.50, a 78.8% upside from current levels. In a report issued on March 5, BMO Capital also reiterated a Buy rating on the stock.
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Based on MAG Silver Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $597K. In comparison, last year the company had a GAAP net loss of $4.08 million.
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MAG Silver Corp. engages in the exploration, acquisition, and development of mineral properties. It focuses on silver projects located in the Mexican Silver Belt including Juanicipio and Cinco de Mayo in Mexico. The company was founded on April 21, 1999 and is headquartered in Vancouver, Canada.
