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 $2.15.
Ihle observed:
“We expect McEwen to focus on gaining approval for Phase 1 permit modifications by 4Q18 and Phase 2 approvals by 3Q19 prior to a production decision. Updated Tamarack resource includes growth and base metals. The recently updated resource estimate at the Tamarak deposit included 127,000 contained Indicated category, at an average grade of 5.08 g/t gold equivalent. This was an increase compared to the prior estimate, which included 41,000 contained ounces of gold within the Inferred category. The updated estimate also incorporated base metals at the deposit for the first time, including 8,000 contained tonnes of lead and 26,000 contained tonnes of zinc. We highlight successful resource growth at the deposit and note the potential for further additions following the ongoing 2018 exploration program at the Black Fox Complex.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 6.1% and a 43.5% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
McEwen Mining has an analyst consensus of Moderate Buy, with a price target consensus of $5.
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The company has a one-year high of $2.86 and a one-year low of $1.82. Currently, McEwen Mining has an average volume of 1.81M.
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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.
