H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on McEwen Mining (MUX) today and set a price target of $2.50. The company’s shares closed yesterday at $1.73.
Ihle said:
“We note that the site generated $11.5M in revenue from gold and silver sales amid higher realized gold prices. However, YoY sales from Fox fell by 39% and 17% to $8.8M and $16.0M, respectively. Notably, the firm had previously anticipated a decrease in production and sales at El Gallo given its transition from mining to residual leaching, which we anticipate to continue as long as operations remain economical. On the other hand, Black Fox experienced unexpected flooding due to heavy spring snowmelt, which adversely effected production. We note that this issue has since gotten resolved.”
According to TipRanks.com, Ihle is a 4-star analyst with an average return of 4.1% and a 50.3% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Americas Silver Corporation, Golden Star Resources Ltd, and Northern Dynasty Minerals.
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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The company has a one-year high of $2.44 and a one-year low of $1.23. Currently, McEwen Mining has an average volume of 2.73M.
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.
