Inside Silver Mining Stock Ratings: What Led the Downgrades
Multiple downgrades for Tahoe
As we discussed in the previous part of this series, Tahoe Resources’ (TAHO) license was suspended by Guatemalan authorities, which will invariably lead to production and cost repercussions. This has caused multiple brokerages to downgrade Tahoe.
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BMO Capital Markets, Credit Suisse (CS), RBC Capital Markets, TD Securities, and Macquarie all downgraded the stock in the following ways:
- BMO cut the stock from “outperform” to “market perform” rating.
- Macquarie downgraded Tahoe from “outperform” to “neutral.”
- RBC Capital Markets lowered the stock from “outperform” to “sector perform.”
- TD Securities downgraded TAHO from “buy” to “hold.”
CDE’s rating changes
Coeur Mining (CDE) has not seen a major recommendation change since last October. It has, however, seen several target price changes over the last few months.
BMO Capital Markets reiterated its “buy” rating on the stock on June 30, 2017. The firm has a target price of $11 for the stock. RBC Capital Markets also maintained its “buy” rating on CDE. It has a target price of $13 on the stock.
Hecla Mining (HL) has also not seen any rating changes since September 2016.
Other silver miners
BMO Capital Markets reaffirmed its “sector perform” rating for Pan American Silver (PAAS) on June 29, 2017. The firm has a target price of $17.5 for the stock. BMO downgraded Tahoe from “outperform” to “sector perform” on March 31, 2017.
Raymond James upgraded several mining companies (XME) on April 6, 2017. It upgraded First Majestic Silver (AG) from “underperform” to “market perform.” BMO Capital Markets reissued its “market perform” rating for AG on July 12, 2017. The brokerage has a target price of $12 for the stock.