Market Overview

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

Related AG
Top Performing Industries For December 9, 2014
Worst Performing Industries For November 28, 2014

In a report published Wednesday, Raymond James maintained its Outperform rating on First Majestic Silver (NYSE: AG) 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.

Latest Ratings for AG

DateFirmActionFromTo
Jul 2013Bank of AmericaReinstatesBuy
Jul 2013BMO CapitalUpgradesMarket PerformOutperform
Feb 2013Raymond JamesMaintainsOutperform

View More Analyst Ratings for AG
View the Latest Analyst Ratings

Posted-In: Raymond JamesAnalyst Color Price Target Analyst Ratings

 

Related Articles (AG)

Around the Web, We're Loving...

Get Benzinga's Newsletters