H.C. Wainwright Reiterates Buy Rating on Avino Silver & Gold (ASM)

H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating and $1.50 price target on Avino Silver & Gold (NYSE: ASM).

The analyst commented: "On July 16, 2024, Avino Silver and Gold announced its 2Q24 production results. During the quarter, Avino produced 616,571 silver equivalent ounces (SEOs) (+5% YoY and -2% QoQ). Notably, the firm produced 292,946oz of silver (+26% YoY and +17% QoQ) and 1,514oz of gold (flat YoY and -15% QoQ). We also note that copper production during the quarter totaled 1.3M pounds (lbs) (-10% YoY and -3% QoQ). Importantly, the 10% YoY decrease in mill throughput to 140,934 tonnes (t) was primarily attributable to maintenance work on one of the cone crushers, which affected production during the last two weeks of the quarter. In contrast, the company saw its silver, gold, and copper grades improve, increasing 42%, 9%, and 4% YoY, respectively. In our view, ASM remains on track to reach management production guidance of 2.5M - 2.8M SEOs. In conclusion, we believe that Avino remains well-positioned to experience significant longer-term growth, which should be further exacerbated by ongoing strength in metal pricing. We are reiterating our Buy rating on Avino and our PT of $1.50."

For an analyst ratings summary and ratings history on Avino Silver & Gold click here. For more ratings news on Avino Silver & Gold click here.

Shares of Avino Silver & Gold closed at $1.03 yesterday.

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