B.Riley FBR analyst Adam Graf maintained a Buy rating on Coeur Mining (CDE) today and set a price target of $7.80. The company’s shares closed last Monday at $5.81, close to its 52-week high of $5.92.
Graf commented:
“On September 19, we attended a site tour of Coeur Mining’s (CDE) Rochester open pit mine. This mine, active since 1986, produces both silver and gold through heap-leaching of low- grade oxide ore. Rochester is undergoing a multiyear expansion: In 2018, the company more than doubled its land position at Rochester, including the addition of the Lincoln Hill resource. We have updated our model for current metal prices and the current status of the expansion program; and we have extended the mine life to account for resources purchased in 2018. These adjustments have increased our price target, from $7.50 to $7.80. We maintain our Buy rating.”
According to TipRanks.com, Graf is a 3-star analyst with an average return of 2.6% and a 53.7% success rate. Graf covers the Basic Materials sector, focusing on stocks such as Gold Standard Ventures Corp, Newmont Mining Corporation, and First Majestic Silver.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Coeur Mining with a $6.01 average price target.
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Based on Coeur Mining’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $36.76 million. In comparison, last year the company had a net profit of $2.93 million.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CDE in relation to earlier this year.
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Coeur Mining, Inc. engages in the exploration and development of silver and gold mining properties and mines located in United States, Mexico, Bolivia, Argentina and Australia. The company operates through the following segments: Palmarejo complex, San Bartolome, Rochester, Kensington, Wharf and Silvertip.
