BMO Capital Markets Reiterates Underperform, $8.50 on Endeavour Silver
BMO Capital Markets remains rated Underperform with a price target of $8.50 on Endeavour Silver (NYSE: EXK) as first quarter production report points to positive gain in Guanajuato resources.
BMO Capital Markets comments, "Endeavour Silver reported Q1/12 production of 1,072koz of silver and 6.3koz of gold. While Q1/12 gold and silver production was slightly above BMO Research estimates of 1,028koz silver and 6.1koz gold, the company's decision to defer gold and silver sales has had an impact on BMO Research EPS estimates for H1/12. Q1/12 EPS have declined 36% to US$0.16 and Q2/12 EPS have declined 12% to US$0.15. If silver and gold prices rise above US$33/oz and US$1,700/oz, respectively, BMO Research expects inventory sales will have a positive impact on EPS forecasts."
EXK closed at $9.04 a share on Tuesday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.