In a report released yesterday, Adam Graf from B.Riley FBR maintained a Hold rating on First Majestic Silver (AG), with a price target of $5.95. The company’s shares closed yesterday at $10.48, close to its 52-week high of $10.97.
Graf noted:
“On 8/7, AG reported 2Q ($0.02), vs. ($0.01) Street, and our $0.01/sh estimate. The company pre-announced production from operations on 7/15. Realized silver price of $14.80/oz was off vs. our estimate of $14.88/oz, and consolidated cash costs of $6.84/oz came in higher vs. our $6.54/oz calculation. Mine operating earnings of $4.2M fell short of our estimated $13.1M. Management announced the suspension of La Parrilla operations, which follows the suspension San Martin announced 7/15 due to security, and the suspension of La Guitarra in 2018. With the exception of the remainder of the mine portfolio continues to be loss-making at current silver prices. $5.95/sh target price.”
According to TipRanks.com, Graf is a 3-star analyst with an average return of 1.6% and a 50.0% success rate. Graf covers the Basic Materials sector, focusing on stocks such as Gold Standard Ventures Corp, Newmont Mining Corporation, and Hecla Mining Company.
First Majestic Silver has an analyst consensus of Moderate Buy, with a price target consensus of $8.40.
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The company has a one-year high of $10.97 and a one-year low of $4.59. Currently, First Majestic Silver has an average volume of 4.26M.
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First Majestic Silver Corp. engages in the production, development, exploration and acquisition of mineral properties. It owns and operates producing mines in México including La Encantada Silver Mine; La Parrilla Silver Mine; San Martin Silver Mine; Del Toro Silver Mine; Santa Elena Silver & Gold Mine; and San Dimas Silver & Gold Mine.
