In a report released today, Joseph Reagor from Roth MKM maintained a Buy rating on McEwen Mining (MUX – Research Report), with a price target of $11.00.
Joseph Reagor’s Buy rating for the McEwen Mining’s stock (MUX) is based on a multitude of factors. Although the company’s Q3 results were mixed and the price target was lowered to $11.00 from $12.00, Reagor still maintains his Buy rating. This decision is prompted by the fact that the company’s reported loss of $0.39 per share was less than the estimated loss of $0.77 per share, indicating better-than-expected performance.
The shift of McEwen Copper to equity investment accounting, which significantly lowered MUX’s cash, didn’t deter Reagor’s positive stance. Despite this accounting change removing most of the cash from MUX’s balance sheet, he still believes the company to be well-funded in the near term. Moreover, despite the negative impact of foreign exchange losses on the company’s DCF valuation, Reagor continues to see MUX as undervalued by the market, hence the maintained Buy rating.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $18.50 price target.
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McEwen Mining (MUX) Company Description:
McEwen Mining, Inc. is a mining and minerals production and exploration company, which focuses on base metals in Argentina, Mexico and the United States. It operates through the following geographical segments: Mexico, MSC, Nevada, Los Azules, Canada and Other. The company was founded on July 24, 1979 and is headquartered in Toronto, Canada.
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