As reported earlier, RBC Capital analyst Mark Mihaljevic downgraded Pan American Silver to Sector Perform from Outperform and lowered his price target to $17 from $19. The analyst notes that while the company's Tahoe acquisition adds a "world-class silver mine in Escobal", it also comes with a material increase in its risk profile. Mihaljevic adds that the company is on a timeline to demonstrate "concrete gains in Guatemala" and may also suffer from a "typical M&A overhang". The analyst further notes that he still expects the deal to be "accretive to 2019-21 operating, sustaining and free cash flow per share by 38%, 28% and 22%" respectively.