Coeur Mining (NYSE:CDE) was upgraded to Outperform from Sector Perform at RBC Capital on Friday, with analysts maintaining a $4 per share price target on the stock.
The analysts pointed to the fact that the company's Rochester mine, located in Pershing County, Nevada, is "heading into the stretch."
"The expansion at Rochester is almost complete, and execution on the ramp up through mid-2024 is the key catalyst for the stock in our view," the analysts wrote.
"The site visit we attended highlighted the +$700m investment in throughput expansion, which should lead to +120% higher production once at full capacity in 2025," they added.
They concluded that their higher price forecasts for the stock, the diminishing risk of further capex inflation, and the relative value vs. peers has driven the upgrade, with the analysts also highlighting "the attractive risk/reward at these levels."