Recent recommendation changes
CIBC (Canadian Imperial Bank of Commerce) upgraded Coeur Mining stock from “sector underperform” to “sector perform” on August 29, 2016. According to CIBC analyst Cosmos Chiu, “The thesis for the Coeur Mining story has changed.” Coeur Mining’s falling cost profile and strengthening balance sheet should benefit the stock going forward. CIBC also raised the stock’s target price from $9.50 to $14.50.
Ratings and target price changes
Desjardins reduced Tahoe Resources’ (TAHO) target price from 23 Canadian dollars to 21.5 Canadian dollars on October 20, 2016.
Deutsche Bank upgraded Pan American Silver (PAAS) from “hold” to “buy” on October 4, 2016. It also increased the target price from $14.50 to $20.
After PAAS’s 2Q16 results, JPMorgan Chase increased the target price from $16 to $17.
BMO Capital Markets, on the other hand, downgraded PAAS to “market perform” from “outperform.” The broker believes most of the medium-term growth is priced in for the company.
FBR & Co. increased its EPS (earnings per share) forecast for Hecla Mining (HL) from $0.12 to $0.14 for fiscal 2016. The firm has a “market perform” rating with a target price of $6 on the stock.
Rodman & Renshaw initiated Hecla on September 6, 2016, with a “buy” rating. It currently has a target price of $9 for the stock.
Gold miners (GDX) will release their earnings in the next few weeks. For an analysis of their latest results, be sure to watch Market Realist’s Precious Metal Mining page.
You can also read our earnings preview for gold miners to see what’s expected from these companies for the quarter.