Jefferies Raises Hecla Mining Price Target (HL)

Jefferies released a report stating it has raised Hecla Mining Co.'s (NYSE: HL) price target from $12 to $13 to better reflect the long-term market.

Precious metals have seen substantial increases in prices and are expected to continue to grow into 2012. Jefferies explains, “We believe silver prices will exceed $50 per ounce while averaging $38 per ounce during 2011 and $40/oz during 2012.” Jeffries also increased its long-term silver price estimate from $20/oz. to $25/oz.

Hecla Mining now has a $13 price target and a Buy rating.

At closing yesterday, Hecla Mining was trading at $9.28.