Coeur Mining (CDE – Research Report), the Basic Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Dalton Baretto from Canaccord Genuity remains neutral on the stock and has a $3.00 price target.
Dalton Baretto of Canaccord Genuity has given Coeur Mining a Buy rating due to a combination of factors. Despite the Q3 results of CDE falling below both Canaccord Genuity’s and consensus estimates, Baretto sees potential for improvement. He notes the subpar performance was primarily due to lower production across all operating assets, but highlights a positive development in the form of the Rochester POA 11, which is currently in its ramp-up phase with a significant flush of built-up inventory expected in Q4.
Furthermore, Baretto acknowledges the company’s financial difficulties, with another $60-80 million yet to be expended on POA11, but expresses confidence in the company’s liquidity to overcome this challenge. He does not anticipate CDE to be significantly free cash flow-positive until the second half of 2024. Baretto also mentions the satisfactory progress in October in the ramp-up of the POA11 expansion, which is expected to continue into early 2024, producing twice the average monthly run rate of silver and more than triple the monthly run rate of gold. Despite his acknowledgment of the challenges, Baretto remains optimistic about the company’s future prospects, hence the Buy rating.
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Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CDE in relation to earlier this year.
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Coeur Mining (CDE) Company Description:
Coeur Mining, Inc. engages in the exploration and development of silver and gold mining properties and mines located in United States, Mexico, Bolivia, Argentina and Australia. The company operates through the following segments: Palmarejo complex, Rochester, Kensington, Wharf and Silvertip. Coeur Mining was founded in 1928 and is headquartered in Chicago, IL.
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