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Investing.com - H.C. Wainwright raised its price target on Avino Silver & Gold (NYSE:ASM) to $4.80 from $2.80 on Thursday, while maintaining a Buy rating on the stock.
The significant price target increase is primarily driven by H.C. Wainwright’s updated price deck for the mining company, according to the research note.
The firm also made adjustments to its long-term forecast for both of Avino’s mining sites in its valuation model.
H.C. Wainwright decreased its discount rate for the La Preciosa project to 8.0% from the previous 12.0%, citing "extensive progress" at the site.
The research firm’s valuation for Avino Silver & Gold continues to be based on a discounted cash flow (DCF) analysis of operations for both the Avino Mine and La Preciosa.
In other recent news, Avino Silver & Gold reported significant financial results for the quarter, with revenue reaching $18.8 million, a 52% increase from the $12.4 million reported in the same period the previous year. The company attributed this growth to stronger commodity prices and consistent production levels. Avino Silver & Gold also achieved a net income of $5.6 million, or $0.04 per share, a substantial improvement from the $0.6 million, or $0.00 per share, recorded in the first quarter of 2024. The company’s financial performance benefited from an 18% year-over-year decrease in the cost of sales, driven by unit cost reductions and favorable currency exchange rates between the US Dollar and Mexican Peso.
In analyst updates, Roth/MKM downgraded Avino Silver & Gold from Buy to Neutral, citing the stock’s current valuation as appearing fully valued at current trading levels. Despite the downgrade, Roth/MKM raised its price target for the company to $3.50 from $2.75. Meanwhile, H.C. Wainwright maintained its Buy rating on Avino Silver & Gold and increased its price target to $2.80 from the previous $2.20, following the company’s robust financial results. These developments reflect differing perspectives among analysts on the company’s valuation and future prospects.
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