Canaccord Genuity Remains a Buy on Pan American Silver

By Ryan Adsit

Canaccord Genuity analyst Dalton Baretto reiterated a Buy rating on Pan American Silver (NASDAQ: PAAS) yesterday and set a price target of $19. The company’s shares opened today at $16.41.

According to TipRanks.com, Baretto is a 5-star analyst with an average return of 21.4% and a 74.2% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Endeavour Silver Corp, and Fortuna Silver Mines.

Currently, the analyst consensus on Pan American Silver is Strong Buy and the average price target is $20.80, representing a 26.8% upside.

In a report issued on January 8, Scotiabank also reiterated a Buy rating on the stock with a $21 price target.

Based on Pan American Silver’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $191 million and quarterly net profit of $17.26 million. In comparison, last year the company earned revenue of $191 million and had a net profit of $21.78 million.

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Pan American Silver Corp. is a silver mining company, which provides investors with the best investment opportunity to gain real exposure to silver prices. It engages in silver mining and related activities, including exploration, mine development, extraction, processing, refining and reclamation.