BMO Capital Markets Reiterates Outperform Rating, $35 PT for Pan American Silver Corporation
In a report published earlier today, BMO Capital Markets reiterated its Outperform rating and $35.00 price target for Pan American Silver Corporation (NASDAQ: PAAS), related to the company's recent announcement that it is selling its Peru-based Quiruvilca mine.
BMO Capital went on to say “The sale of Quiruvilca has a negligible impact to the PAAS 10% nominal NPV using BMO Research metal price assumptions. The sale represents the first step in the company's plan to rationalize assets thereby allowing PAAS to focus operational resources on its core assets. PAAS has signalled that it may divest of other non-core assets that could include La Bolsa and Pico Machay.”
Pan American Silver Corporation closed yesterday at $16.81.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: BMO Capital Markets