In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on McEwen Mining (MUX), with a price target of $2.50. The company’s shares closed yesterday at $1.86.
Ihle noted:
“We note that GEO guidance was 210,000 oz at the beginning of the year and the current estimate is 27.6% below this figure. While we have lowered our gold production forecast from 162,400 oz to 150,000 oz given the various operational challenges faced during 1H19, we remain confident management should deliver in-line with guidance that now appears conservative across its asset base during 2H19. Gallo shine. 2Q19 totaled 23,158 GEOs (+16% QoQ), which consisted of 13,518 oz of gold (+28% QoQ) and 848,268 oz of silver (+21% QoQ). The mine remains on pace to achieve FY19 guidance of 49,000 oz of gold and 3,225,000 oz of silver. At El Gallo, gold production totaled 5,340 oz (-1% QoQ) in 2Q19.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 3.6% and a 49.0% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Americas Silver Corporation, and Golden Star Resources Ltd.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for McEwen Mining with a $2.50 average price target.
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Based on McEwen Mining’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $10.14 million. In comparison, last year the company had a GAAP net loss of $5.38 million.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MUX in relation to earlier this year.
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McEwen Mining, Inc. is a mining and minerals production and exploration company, which focuses on 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.
