BMO Capital Markets Reiterates Pan American Silver with Outperform, $35 PT; Q1 EPS Beat

BMO Capital Markets reiterates its Outperform rating with a $35 target price on Pan American Silver

BMO Capital Markets notes, "PAAS posted a strong operational Q1/12. PAAS has increased 2012 production guidance to incorporate Dolores and is now forecasting 24.25-25.5Moz silver and 124-133koz gold (previously 21-22.5Moz silver and 75-80koz of gold) at by-product cash costs of US$11.50-12.50/oz silver (previously $12.50-13.50)." PAAS closed at $15.92 on Tuesday.