UPDATE: Canaccord Genuity Lowers PT on Pan American Siler on Risks Associated With Gold Price

In a report published on Wednesday, Canaccord Genuity analyst Rahul Paul lowered the price target from $21.00 to $19.50 on Pan American Siler PAAS and maintained a Buy rating.

In the report, Canaccord stated, "With the recent decline in metal prices, the company is focusing on reducing operating overhead as a potential means of offsetting by product credit declines in order to maintain cash cost guidance. Nonetheless, cash cost guidance may be revisited by the company later in the year, depending on metal prices. Capital expenditures in 2013 are expected to remain near previously announced levels, around US$157 million (we estimate US$158, unchanged from before), primarily because the bulk of the expenditure is expected to be in sustaining capital, as opposed to more discretionary expansion capital. As a result, Pan American is not expected to materially trim its capital expenditure budget while metal prices remain at current levels."

Pan American Silver currently trades at $12.22.