Acquisition Approval: Pan American Silver Corp. has received approval from Mexico’s COFECE for its acquisition of MAG Silver Corp., expected to close around September 4, 2025, enhancing PAAS's silver reserves significantly.
Production and Cost Benefits: The acquisition grants PAAS a 44% stake in the Juanicipio project, projected to produce 14.7-16.7 million ounces of silver in 2025, which will increase PAAS's total output and reduce all-in sustaining costs.
Financial Growth Projections: Juanicipio is anticipated to add 58 million ounces to PAAS's silver reserves and contribute $98 million in free cash flow this year, with a growth forecast of approximately 23% over the next three years.
Market Performance: PAAS shares have increased by 63.8% year-to-date, outperforming the industry average, with earnings estimates for 2025 and 2026 showing significant year-over-year growth.
Wall Street analysts forecast AG stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for AG is 16.03 USD with a low forecast of 12.50 USD and a high forecast of 22.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
Wall Street analysts forecast AG stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for AG is 16.03 USD with a low forecast of 12.50 USD and a high forecast of 22.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Buy
3 Hold
0 Sell
Moderate Buy
Current: 20.340
Low
12.50
Averages
16.03
High
22.00
Current: 20.340
Low
12.50
Averages
16.03
High
22.00
Jefferies
Fahad Tariq
Buy -> Hold
downgrade
$18 -> $16
Al Analysis
2025-12-07
Reason
Jefferies
Fahad Tariq
Price Target
$18 -> $16
Al Analysis
2025-12-07
downgrade
Buy -> Hold
Reason
Jefferies analyst Fahad Tariq downgraded Ivanhoe Mines to Hold from Buy with a price target of C$16, down from C$18, as part of a 2026 preview for the metals and mining group. The firm remains bullish on gold equities, citing attractive valuations, but now more cautious on copper stocks given valuations heading into next year. Jefferies expects gold companies to expand margins and produce more free cash flow in 2026 versus 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the analyst tells investors in a research note. Its top gold picks are Barrick Mining (B), Alamos Gold (AG) and Royal Gold (RGLD). The firm's top copper picks is Hudbay (HBM).
Jefferies
Buy -> Hold
downgrade
$37 -> $40
2025-12-07
Reason
Jefferies
Price Target
$37 -> $40
2025-12-07
downgrade
Buy -> Hold
Reason
Jefferies downgraded Ero Copper to Hold from Buy with a price target of C$40, up from C$37, as part of a 2026 preview for the metals and mining group. The firm remains bullish on gold equities, citing attractive valuations, but now more cautious on copper stocks given valuations heading into next year. Jefferies expects gold companies to expand margins and produce more free cash flow in 2026 versus 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the analyst tells investors in a research note. Its top gold picks are Barrick Mining (B), Alamos Gold (AG) and Royal Gold (RGLD). The firm's top copper picks is Hudbay (HBM).
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Jefferies
Buy
maintain
$43 -> $45
2025-12-07
Reason
Jefferies
Price Target
$43 -> $45
2025-12-07
maintain
Buy
Reason
Jefferies raised the firm's price target on OceanaGold to C$45 from C$43 and keeps a Buy rating on the shares as part of a 2026 preview for the metals and mining group. The firm remains bullish on gold equities, citing attractive valuations, but now more cautious on copper stocks given valuations heading into next year. Jefferies expects gold companies to expand margins and produce more free cash flow in 2026 versus 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the analyst tells investors in a research note. Its top gold picks are Barrick Mining (B), Alamos Gold (AG) and Royal Gold (RGLD). The firm's top copper picks is Hudbay (HBM).
Jefferies
Buy
maintain
$261 -> $270
2025-12-07
Reason
Jefferies
Price Target
$261 -> $270
2025-12-07
maintain
Buy
Reason
Jefferies raised the firm's price target on Royal Gold to $270 from $261 and keeps a Buy rating on the shares as part of a 2026 preview for the metals and mining group. The firm remains bullish on gold equities, citing attractive valuations, but now more cautious on copper stocks given valuations heading into next year. Jefferies expects gold companies to expand margins and produce more free cash flow in 2026 versus 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the analyst tells investors in a research note. Its top gold picks are Barrick Mining (B), Alamos Gold (AG) and Royal Gold (RGLD). The firm's top copper picks is Hudbay (HBM).
About AG
First Majestic Silver Corp. is a mining company. The Company is focused on silver and gold production in Mexico and the United States. It owns and operates approximately 350,000 hectares of land package, which include the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, and a 70% joint venture interest in the Cerro Los Gatos Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, United States. The San Dimas Silver/Gold Mine is located over 130 kilometers (km) northwest of the city of Durango, Durango State, Mexico. The Santa Elena Silver/Gold Mine is located over 150 km northeast of the city of Hermosillo, Sonora, Mexico. The La Encantada Silver Mine is an underground mine located in the northern Mexico State of Coahuila, 708 km northeast of Torreon. The Cerro Los Gatos Mine is located around 120 kms south of Chihuahua City, Mexico.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
