UPDATE: Raymond James Lowers PT on First Majestic Silver After Increase In Capital/Exploration Expenditures

In a report published Wednesday, Raymond James maintained its Outperform rating on First Majestic Silver

and lowered the price target from $24.50 to $24.00. Raymond James reported, “First Majestic released aggressive 2013 development plans for the company's operations, with a total capital budget of $192.2 mln which compared with our previous estimate of ~$110 mln. From this amount, $56.1 mln is earmarked for Del Toro, $86.2 mln for mine development (predominantly expansionary development), $24.2 mln for exploration, with the remainder for expansions at San Martin and La Guitarra, and the development of the a new underground haulage system at La Parrilla. Below we outline our operational and development expectations for 2013E for each mine." First Majestic Silver shares closed at $17.41 on Tuesday.