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Latest Rating Changes for Silver Miners: What Do They Mean?

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Coeur Mining

Raymond James cut its target price for Coeur Mining (CDE) from $16.50 to $11.75 on December 22, 2016. Deutsche Bank cut its target price from $11 to $10.50. On January 11, 2017, CIBC cut its target price from $14 to $12.

Canaccord Genuity initiated Coeur Mining stock on October 25, 2016, with a “buy” rating and a target price of $13.

On October 3, 2016, Deutsche Bank (DB) upgraded Coeur Mining from a “sell” to a “hold.” The firm also increased its target price from $7.50 to $11.

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Rodman & Renshaw initiated coverage of Hecla Mining (HL) with a “buy” recommendation and a target price of $9 in September 2016. Specifically, the analyst stated, “We support Hecla’s strategy of focusing on assets in politically safe jurisdictions such as the United States, Canada, and Mexico and like the fact that the firm’s assets produce a wide array of metals, which provides revenue diversification.”

First Majestic Silver

Raymond James upgraded First Majestic Silver (AG) to “market perform” from “underperform” on October 25, 2016.

On January 18, 2017, Rodman & Renshaw lowered the target price for First Majestic Silver from $19.50 to $16.50.

On January 10, 2017, JPMorgan Chase (JPM) downgraded Tahoe Resources (TAHO) from “overweight” to “neutral.”

Tahoe is a preferred pick for RBC Capital. The firm upgraded the stock to “outperform” from “sector perform” on December 12, 2016. For 2017, RBC’s analyst advises to own stocks with “attractive margins, solid balance sheets, organic growth opportunities and a consistent operating strategy.” Among others, these stocks include Tahoe Resources.

Tahoe’s rating changes

Tahoe Resources is also among Raymond James’s top picks. As reported by Barron’s, Raymond James mentioned in a report in December, “From an equities perspective, whilst valuations have suffered (caught in the down draft of recent metal price weakness) precious metals stocks aren’t oversold. As such, whilst we recommend investors use this opportunity to build positions in favorite names, we urge investors to be selective and focus on companies that offer a combination of funded growth, attractive near-term FCF yields and leverage to metal prices.”

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