H.C. Wainwright Reiterates Buy Rating on First Majestic Silver (AG)

H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating and $11.00 price target on First Majestic Silver (NYSE: AG).

The analyst commented: "During the quarter, the company produced 7.7M Silver Equivalent Ounces (SEOs) (+49% YoY). This combined total is based on 3.7M ounces (oz) of silver (+88% YoY) and 36,469oz of gold (+1% YoY). In short, AG's significant increase in revenue was driven by the company’s newly acquired 70% share in the Cerro Los Gatos mine. Importantly, however, AG's entire asset base performed quite well as Santa Elena, San Dimas, and La Encantada all saw YoY increases in production. We also highlight an 11% increase in YoY production at San Dimas that was primarily driven by operational improvements at the site. We also emphasize large-scale drilling across the company’s asset base. The firm utilized 28 active drill rigs, of which seven drills were based at Cerro Los Gatos, an additional seven at Santa Elena, 13 at San Dimas, and one at La Encantada. In conclusion, we maintain our view that First Majestic’s improved operational efficiencies and mostly seamless inclusion of the Cerro Los Gatos Mine have positioned the company for a notable 2025. Reiterate Buy rating and $11 PT."

For an analyst ratings summary and ratings history on First Majestic Silver click here. For more ratings news on First Majestic Silver click here.

Shares of First Majestic Silver closed at $5.93 yesterday.

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