Pan American Silver (NYSE:PAAS) Price Target Cut to $69.00 by Analysts at Bank of America

Key Points

• Bank of America cut its price target on Pan American Silver from $77 to $69 but kept a buy rating on the stock, implying about 61.88% upside from the current price.
• Other analysts remain mostly positive: the consensus rating is Moderate Buy, with eight Buy ratings and two Hold ratings, and the average target price stands at $70.43.
• Pan American Silver recently reported strong quarterly results, beating EPS and revenue estimates, while its shares opened at $42.62 and sit well below the 52-week high of $69.99.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS had its price target decreased by Bank of America from $77.00 to $69.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. Bank of America's price target would indicate a potential upside of 61.88% from the company's current price.

A number of other equities research analysts have also commented on PAAS. Zacks Research lowered shares of Pan American Silver from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of Pan American Silver in a report on Tuesday, May 12th. TD Cowen raised Pan American Silver from a "hold" rating to a "buy" rating and increased their target price for the stock from $67.00 to $72.00 in a research report on Tuesday, May 12th. Royal Bank Of Canada restated an "outperform" rating and set a $75.00 price target on shares of Pan American Silver in a research report on Tuesday, April 28th. Finally, TD Securities upgraded Pan American Silver from a "hold" rating to a "buy" rating and set a $72.00 price objective for the company in a report on Monday, May 11th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.43.

Pan American Silver Stock Performance

Shares of NYSE PAAS opened at $42.62 on Thursday. The stock has a market cap of $17.90 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 0.36 and a beta of 0.72. The company has a current ratio of 2.84, a quick ratio of 2.11 and a debt-to-equity ratio of 0.11. Pan American Silver has a 1-year low of $26.76 and a 1-year high of $69.99. The stock's 50-day moving average is $51.38 and its 200 day moving average is $54.97.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS last issued its earnings results on Tuesday, May 5th. The basic materials company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. Pan American Silver had a return on equity of 19.50% and a net margin of 31.66%.The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Pan American Silver's revenue for the quarter was up 49.3% on a year-over-year basis. On average, sell-side analysts anticipate that Pan American Silver will post 4.46 EPS for the current fiscal year.

Institutional Trading of Pan American Silver

A number of institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Pan American Silver by 38.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,462,912 shares of the basic materials company's stock worth $560,149,000 after purchasing an additional 4,037,311 shares during the period. Vanguard Group Inc. grew its holdings in Pan American Silver by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 17,465,779 shares of the basic materials company's stock valued at $905,513,000 after purchasing an additional 274,168 shares during the period. Mackenzie Financial Corp increased its position in Pan American Silver by 46.4% in the third quarter. Mackenzie Financial Corp now owns 1,927,774 shares of the basic materials company's stock worth $74,687,000 after buying an additional 610,832 shares in the last quarter. Ninety One UK Ltd increased its position in Pan American Silver by 3.2% in the fourth quarter. Ninety One UK Ltd now owns 2,225,237 shares of the basic materials company's stock worth $115,290,000 after buying an additional 69,985 shares in the last quarter. Finally, Barometer Capital Management Inc. bought a new position in shares of Pan American Silver in the third quarter worth about $5,085,000. Hedge funds and other institutional investors own 55.43% of the company's stock.

About Pan American Silver

Pan American Silver Corp. NYSE: PAAS is a Vancouver-based mining company and one of the world’s largest primary silver producers. The company’s core activities encompass the exploration, development, extraction and processing of silver, with significant by-product production of gold, zinc and lead. Pan American Silver maintains a vertically integrated operating model, covering the full mining value chain from resource discovery through to refined metal production.

With a geographic footprint concentrated across the Americas, Pan American Silver operates multiple mines in Mexico, Peru, Argentina and Bolivia, and is advancing several development and exploration projects in Chile and Ecuador.

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