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On Friday, H.C. Wainwright adjusted its price target for McEwen Mining (NYSE:MUX) shares, reducing it to $18.00 from the previous $19.00, while maintaining a Buy rating on the stock. The revised price target comes after McEwen Mining announced its production results for the year 2024 on January 28. According to InvestingPro analysis, the stock appears undervalued, trading at an attractive P/E ratio of 4.12 with a market cap of $452.52M.
The mining company reported that it produced 135,900 Gold Equivalent Ounces (GEOs) in 2024, a figure that is in line with the management’s guidance set at the start of 2024. The operations at Gold Bar and the San José mines were particularly noteworthy, as they produced 44,600 and 60,100 GEOs, respectively, slightly surpassing the upper end of their forecasted production ranges. InvestingPro data reveals impressive revenue growth of 47% and an overall Financial Health score of GREAT, with several additional insights available to subscribers.
However, the Fox Complex’s production did not meet expectations, with only 30,150 GEOs produced. This shortfall was attributed to a stope failure that occurred early in 2024, which hindered the site’s output and caused it to fall below the annual guidance.
H.C. Wainwright’s analyst anticipates that McEwen Mining will soon release full-year cost details and provide guidance alongside its financial results for 2024. Despite the reduction in the price target, the firm’s stance on McEwen Mining remains positive, as indicated by the reiteration of the Buy rating.
In other recent news, McEwen Mining has reported robust financial and operating results for Q3 2024. The company’s revenue saw a substantial increase of 36% compared to Q3 2023. Further, the gross profit rose by an impressive 268%, and the adjusted EBITDA experienced a staggering growth of 586%. The company’s operating cash flow was also notably positive, marking a significant turnaround from the negative $2.3 million reported in the previous year. McEwen Mining also emphasized its strong safety record during this quarter. These recent developments indicate that the company has made substantial progress throughout the first nine months of the year, as evidenced by the double and triple-digit growth in key performance metrics. McEwen Mining’s leadership expressed confidence in the company’s performance, noting remarkable improvements in several financial areas.
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