In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on First Majestic Silver (AG), with a price target of $11.50. The company’s shares closed last Monday at $9.90.
Ihle observed:
“We maintain our Buy recommendation and raise our price target to $11.50 per share from $8.00 per share. Our higher PT was the result of our revised precious metal price deck amid some minor tweaks to our model, which was slightly offset by our lowered zinc price from $1.25/lb to $1.00/lb. Our valuation remains based on a composite of our NAV estimate, utilizing an unchanged 2.0x NAV multiple, and an unchanged 18.0x multiple on our 2020E CFPS estimate. We round our blended estimate to reach our new PT of $11.50 per share.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 4.7% and a 48.0% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
First Majestic Silver has an analyst consensus of Moderate Buy, with a price target consensus of $9.57.
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The company has a one-year high of $11.11 and a one-year low of $4.59. Currently, First Majestic Silver has an average volume of 4.72M.
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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.
