H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on McEwen Mining (NYSE: MUX) today and set a price target of $5. The company’s shares closed yesterday at $2.21.
Ihle noted:
“We highlight another strong quarter of production, which follows solid YoY growth in 1Q18. We also note that annualized 1H18 gold equivalent production is trending above our 2018 estimate of 171,000 ounces (adjusted to reflect the 75:1 silver to gold ratio used by the firm vs. 65:1 in our model). That said, we expect lower 2H18 production at El Gallo relative to the 1H18 given that mining activities ended in 2Q18, and the remaining production is now expected to come from residual heap leach activities.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 4.5% and a 40.3% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
Currently, the analyst consensus on McEwen Mining is a Moderate Buy with an average price target of $5.
See today’s analyst top recommended stocks >>
Based on McEwen Mining’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.21 million. In comparison, last year the company had a GAAP net loss of $1.71 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
