First Majestic Silver (TSE:AG) Rating Increased to Outperform at ATB Cormark Capital Markets

Key Points

• ATB Cormark Capital Markets upgraded First Majestic Silver from “sector perform” to “outperform” and lifted its price target to C$37.00 from C$36.00, implying about 53% upside from the current share price.
• Other analysts have also turned more bullish recently, including BMO Capital Markets and Scotiabank; overall, the stock carries a Buy consensus rating with an average target price of C$30.40.
• First Majestic Silver shares were down 0.7% to C$24.19 on Friday, while the company reported C$0.43 EPS and C$662.71 million in quarterly revenue in its latest earnings release.

First Majestic Silver (TSE:AG - Get Free Report) was upgraded by stock analysts at ATB Cormark Capital Markets from a "sector perform" rating to an "outperform" rating in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a C$37.00 target price on the stock, up from their previous target price of C$36.00. ATB Cormark Capital Markets' price target indicates a potential upside of 52.96% from the company's current price.

Several other equities analysts have also recently issued reports on the company. Scotiabank upgraded First Majestic Silver to a "hold" rating in a research note on Thursday, April 23rd. BMO Capital Markets upgraded shares of First Majestic Silver from a "hold" rating to an "outperform" rating and set a C$35.00 target price on the stock in a research note on Tuesday, March 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of C$30.40.

First Majestic Silver Stock Down 0.7%

AG stock traded down C$0.16 during midday trading on Friday, hitting C$24.19. The company's stock had a trading volume of 863,733 shares, compared to its average volume of 1,924,616. The firm has a 50-day simple moving average of C$26.42 and a 200-day simple moving average of C$28.86. The firm has a market capitalization of C$11.94 billion, a P/E ratio of 41.00 and a beta of 2.79. First Majestic Silver has a 52-week low of C$10.69 and a 52-week high of C$43.69.

First Majestic Silver (TSE:AG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported C$0.43 earnings per share (EPS) for the quarter. The business had revenue of C$662.71 million for the quarter. First Majestic Silver had a return on equity of 10.82% and a net margin of 19.45%. On average, sell-side analysts expect that First Majestic Silver will post 0.4623323 earnings per share for the current fiscal year.

First Majestic Silver Company Profile

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

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