Fresnillo (LON:FRES) Stock Price Up 6.6% After Analyst Upgrade

Key Points

• Fresnillo plc shares increased by 6.6% after Berenberg Bank raised its price target from GBX 1,620 to GBX 1,700, maintaining a buy rating on the stock.
• Other analysts have also shown positive sentiment, with Citigroup raising their price objective to GBX 1,700 and JPMorgan maintaining an "overweight" rating.
• Fresnillo is recognized as the world's largest silver producer and Mexico's largest gold producer, focusing on developing low-cost, world-class mining projects.

Fresnillo plc (LON:FRES - Get Free Report)'s share price was up 6.6% during mid-day trading on Wednesday after Berenberg Bank raised their price target on the stock from GBX 1,620 to GBX 1,700. Berenberg Bank currently has a buy rating on the stock. Fresnillo traded as high as GBX 1,655 ($22.11) and last traded at GBX 1,620.32 ($21.64). Approximately 2,149,009 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 2,530,482 shares. The stock had previously closed at GBX 1,520 ($20.30).

A number of other research analysts also recently weighed in on FRES. JPMorgan Chase & Co. reissued an "overweight" rating on shares of Fresnillo in a research note on Thursday, July 24th. Citigroup raised their price objective on Fresnillo from GBX 1,300 ($17.37) to GBX 1,700 ($22.71) and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, Canaccord Genuity Group raised their price objective on Fresnillo from GBX 805 ($10.75) to GBX 980 ($13.09) and gave the company a "hold" rating in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Fresnillo currently has an average rating of "Moderate Buy" and a consensus target price of GBX 1,422 ($19.00).

Fresnillo Stock Up 6.6%

The firm has a 50-day moving average of GBX 1,419.86 and a 200 day moving average of GBX 1,076.02. The company has a debt-to-equity ratio of 23.55, a current ratio of 5.88 and a quick ratio of 3.28. The stock has a market capitalization of £14.97 billion, a price-to-earnings ratio of 60.39, a PEG ratio of -1.58 and a beta of 0.15.

About Fresnillo

Fresnillo plc is the world's largest silver producer and Mexico's largest gold producer, listed on the London and Mexican stock exchanges. The Group seeks to create value for stakeholders across precious metal cycles, focusing on high-potential silver and gold projects that can be developed into low cost, world-class mines. Following a decade of consistent and successful progress, the Group is now focused on consolidating its growth and advancing its pipeline in order to deliver further growth in the years ahead.

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