UPDATE: BMO Capital Markets Resumes Coverage on Pan American Silver; Raises PT

In a research report published this morning, BMO Capital Markets has resumed its coverage on Pan American Silver

as it recently completed its acquisition of Minefinders. According to BMO Capital Markets, “[The impact is] mixed. The acquisition of MFL increases PAAS's 2012E silver equiv. production by 21% to 31Moz. By 2015E, PAAS production is expected to grow 180% to 71.4Moz silver equivalent, making it one of the most growth-oriented companies in the silver sector. BMO Research estimates the transaction is ~5% dilutive to estimated NPV/share using BMO Research metal prices and ~1% dilutive at spot prices.” BMO Capital Markets maintains its Outperform rating and raises Pan American Silver's PT to $35. Pan American Silver closed Friday at $22.01.