J.P. Morgan Reiterates Underweight Rating on Pan American Silver

In a report published Wednesday, J.P. Morgan & Co. reiterated its Underweight rating on Pan American Silver Corp.

. J.P. Morgan noted, “Pan American reported $201m of revenues compared with our hopes for $229m. This was due to almost $10m of concentrate adjustments; also the company undersold its silver and gold production by 0.7moz and 6oz, respectively. While reiterating its silver forecast for 2012, the company is guiding to the lower end of its gold production range. PAAS is still feeling its way around its new Delores asset in Mexico, so it could take a quarter or two for these results to stabilize. We expect the earnings miss of $0.11 versus the consensus $0.33 forecast will depress the stock this morning, though we're pleased to see the bigger dividend.” Pan American Silver Corp. closed on Tuesday at $15.38.