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

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.