UPDATE: Canaccord Genuity Lowers PT to $20 on Pan American Silver Corp; Limited Multiples
Canaccord Genuity reduces its price target from $25.50 to $20 on Pan American Silver Corp (NASDAQ: PAAS) as it reiterates a Hold rating on shares.
Canaccord Genuity says, "We are revising our 12-month target price to US$20.00 from US$25.50 based on 0.75x (prev. 0.85x) our 5%/peak NAVPS estimate of US$26.88 (previously US$30.18). Our valuation has been reduced by assuming higher cash operating costs at Dolores, reducing our value for La Bolsa (considered a non-core asset), and increasing our discount rate on Navidad to 15% from 12.5%."
PAAS closed at $14.90 on Wednesday.
Latest Ratings for PAAS
|May 2016||BMO Capital||Upgrades||Market Perform||Outperform|
|Apr 2016||CIBC||Upgrades||Sector Performer||Outperformer|
|Mar 2016||Deutsche Bank||Downgrades||Buy||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.