Moody’s downgrades Senegal to Caa1 amid rising debt concerns
Investing.com - BMO Capital has raised its price target on First Majestic Silver Corp. (NYSE:AG) to C$21.00 from C$18.50 while maintaining a Market Perform rating on the stock. The stock, currently trading at $14.28, is showing significant momentum with a 158% return year-to-date. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with a P/E ratio of 365.5x.
The Canadian silver mining company reported record silver production in the third quarter, producing 7.7 million silver equivalent ounces (AgEq), which matched BMO’s forecast. The production included 3.9 million ounces of silver, marking a record quarter for the company. This operational success is reflected in the company’s strong financial metrics, with revenue growth of 61.3% and a healthy gross profit margin of 44.8%. InvestingPro subscribers can access 17 additional investment tips and a comprehensive Pro Research Report for deeper analysis of First Majestic’s performance.
First Majestic is on track to achieve its 2025 guidance, which was revised 7% higher in July, with current production at 73% of the midpoint target. The integration of the Los Gatos mine is nearing completion, with that operation contributing 3.0 million silver equivalent ounces in line with analyst expectations.
The company has commenced drilling operations at its Jerrit Canyon property and renewed its Normal Course Issuer Bid (NCIB) to repurchase up to 24,500,000 shares, demonstrating confidence in its operational outlook.
BMO Capital cited "ongoing strong operational results" as the primary reason for raising its target price on First Majestic Silver, which trades on both the New York Stock Exchange and Toronto Stock Exchange.
In other recent news, First Majestic Silver Corp. has reported notable developments in its exploration activities and received multiple analyst upgrades. The company announced significant high-grade silver and base metal findings at its Los Gatos Silver Mine in Chihuahua, Mexico, with drilling intersecting mineralization across three zones. Additionally, at the San Dimas mine in Durango, Mexico, First Majestic reported high-grade silver and gold mineralization, including impressive intersections at the Elia and Sinaloa veins.
TD Securities upgraded First Majestic Silver from Hold to Buy, citing improving fundamentals driven by new discoveries and planned expansions at the Santa Elena and Gatos Silver operations. BMO Capital increased its price target for the company to C$18.50, maintaining a Market Perform rating following a visit to the Cerro Los Gatos mine and the First Mint facility. Similarly, H.C. Wainwright raised its price target to $14.00, maintaining a Buy rating after a tour of the Santa Elena mine and the First Mint coin minting facility.
These developments reflect ongoing exploration success and analyst confidence in First Majestic Silver’s growth prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.