B. Riley FBR analyst Adam Graf earlier today initiated coverage of McEwen Mining with a Buy rating and $4.20 price target. The stock in early trading is up 1c to $1.82. The shares offer a small-cap vehicle with leverage to gold, a growth story at current gold prices, potential exploration upside and mine life extension at current mine sites, and the potential to monetize non-core assets, Graf told investors in a research note. The company's Gold Bar mine in Nevada is in its first year and ramping up production, while its Black Fox Complex, purchased in late 2017, has the potential to double production over the next four years, adds the analyst.