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PAAS

Pan American Silver

$14.17

-0.31 (-2.14%)

09:42
01/21/19
01/21
09:42
01/21/19
09:42

Pan American reports 2018 silver production 24.8M ounces

Pan American Silver Corp. announced preliminary operating results for Q4 and full year 2018, and provided guidance for 2019. It said, "Silver production of 24.8 million ounces was modestly below the original guidance range provided in January 2018 of 25.0 million to 26.5 million ounces, primarily due to shortfalls at Dolores and San Vicente, partially offset by higher-than-forecast production at La Colorada and Morococha, both of which set annual records. At Dolores, above average rainfalls during the third quarter hampered our ability to make-up open pit tonnages following the security-related road closures in June, resulting in a shortfall of tonnes placed on the heap. In addition, slower cement deliveries due to logistical challenges required lower solution application and reduced leach rates. At San Vicente, narrow vein mechanization efforts required additional operator training, resulting in lower throughput and increased dilution." It said gold production of 178.9 thousand ounces was within the original guidance range. For 2019, Pan American sees silver production 26.5-27.5 million ounces.

PAAS Pan American Silver
$14.17

-0.31 (-2.14%)

12/21/18
12/21/18
DOWNGRADE
Target $5

Market Perform
Tahoe Resources downgraded to Market Perform from Outperform at BMO Capital
As previously reported, BMO Capital analyst Andrew Kaip downgraded Tahoe Resources (TAHO) to Market Perform from Outperform and cut his price target to $5 from $7. While he recognizes that standalone Tahoe would provide superior leverage to an Escobal restart, 2019, and potentially 2020, look to be a challenging years for the company and recommends shareholders tender to the Pan American Silver (PAAS) offer.
11/19/18
11/19/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AstraZeneca (AZN) downgraded to Hold from Buy at Investec. 2. Charles Schwab (SCHW) downgraded to Neutral from Buy at UBS with analyst Brennan Hawken saying while Schwab's business is growing more rapidly than traditional asset managers, there also seems to be "multiple compression on market sensitive revenues given risks to that outlook." 3. Pan American Silver (PAAS) downgraded to Underperform from Neutral at BofA/Merrill with analyst Lawson Winder citing substantial risk assumed from the Tahoe Resources (TAHO) acquisition and the high priced paid. 4. PNC Financial (PNC) downgraded to Market Perform from Outperform at BMO Capital with analyst Lana Chan saying that the stock is approaching her prior $139 per share forecast and sees the company as challenged in gaining market share through expansion given the competition from other Universal banks. 5. Madrigal Pharmaceuticals (MDGL) downgraded to Underperform at Raymond James with analyst Steven Seedhouse saying he expected MGL-3196 Phase 2 data sentiment to worsen exiting AASLD, but that it was exacerbated by the NASH resolution definition informing the seemingly large effect size of 27% versus 6% was not what he expected. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/19/18
BOFA
11/19/18
DOWNGRADE
Target $12.75
BOFA
Underperform
Pan American Silver downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Lawson Winder downgraded Pan American Silver (PAAS) to Underperform from Neutral and cut its price target to $12.75 from $16.70 citing substantial risk assumed from the Tahoe Resources (TAHO) acquisition and the high priced paid.
11/15/18
RBCM
11/15/18
DOWNGRADE
Target $17
RBCM
Sector Perform
Pan American Silver downgraded to Sector Perform at RBC Capital on higher risk
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.

TODAY'S FREE FLY STORIES

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BA

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AZN

AstraZeneca

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LLY

Eli Lilly

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AZN

AstraZeneca

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BA

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BBIO

BridgeBio

$28.26

0.55 (1.98%)

, EIDX

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CLBS

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MDCO

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AMGN

Amgen

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CNI

Canadian National

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ADAP

Adaptimmune

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CELG

Celgene

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ETNB

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WFC

Wells Fargo

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BRK.B

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  • 14

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DIS

Disney

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MDT

Medtronic

$112.11

2.9 (2.66%)

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  • 19

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BR

Broadridge

$119.80

0.485 (0.41%)

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MCD

McDonald's

$193.95

-0.02 (-0.01%)

, MDT

Medtronic

$112.11

2.9 (2.66%)

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MCD

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$193.95

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MDT

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KO

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PRU

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SYF

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KEY

KeyCorp

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AT&T

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AMGN

Amgen

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CSCO

Cisco

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RCL

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MRK

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MSFT

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