H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on First Majestic Silver (AG – Research Report) today and set a price target of $8.50.
Heiko Ihle’s rating is based on a comprehensive analysis of First Majestic Silver’s operational performance and strategic developments. The company’s 1Q24 production results were in line with the year’s guidance plan, despite a decline in silver and gold production year-over-year (YoY) and quarter-over-quarter (QoQ). The standout performance from the Santa Elena mine, with increased silver grades and drilling activity, along with the anticipation of improved grades and throughput at the San Dimas mine, contributed to this outlook. Additionally, the development of a new water source at La Encantada suggests potential for increased processing rates and a return to higher throughput levels in the near future.
The Buy rating reflects the belief in the company’s ability to navigate operational challenges, such as the transition to areas with lower grades at San Dimas, and to capitalize on its assets, like the strong production at Santa Elena and the new developments at La Encantada. Heiko Ihle’s report implies confidence in management’s ability to improve production and align it with the 2024 guidance. Moreover, the aggressive drilling programs and the increase in drilling meters, which are indicative of a commitment to resource expansion and operational efficiency, further reinforce the positive outlook on First Majestic Silver’s stock.
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First Majestic Silver (AG) Company Description:
First Majestic Silver Corp. engages in the production, development, exploration and acquisition of mineral properties. It owns and operates producing mines in México including La Encantada Silver Mine; La Parrilla Silver Mine; San Martin Silver Mine; Del Toro Silver Mine; Santa Elena Silver & Gold Mine; and San Dimas Silver & Gold Mine. The company was founded by Keith Neumeyer on September 26, 1979 and is headquartered in Vancouver, Canada.
