Merger Announcement: Pan American Silver Corp and MAG Silver Corp have agreed to a Plan of Arrangement for their merger, where MAG shareholders will receive either US$20.54 in cash or 0.755 shares of Pan American Silver per share held.
Financial Details: The total consideration for MAG Silver shareholders will consist of US$500 million in cash and the remainder in shares of Pan American Silver.
Index Changes: Following the merger agreement, MAG Silver will be removed from the S&P/TSX Composite Index before trading opens on September 4, 2025, while Pan American Silver's shares outstanding will increase to 421,926,547.
S&P Dow Jones Indices Overview: S&P Dow Jones Indices is a leading provider of index-based data and research, managing over 1,000,000 indices globally, including well-known benchmarks like the S&P 500 and Dow Jones Industrial Average.
Wall Street analysts forecast PAAS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PAAS is 46.55 USD with a low forecast of 29.81 USD and a high forecast of 62.00 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.
8 Analyst Rating
Wall Street analysts forecast PAAS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PAAS is 46.55 USD with a low forecast of 29.81 USD and a high forecast of 62.00 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.
6 Buy
2 Hold
0 Sell
Strong Buy
Current: 55.880
Low
29.81
Averages
46.55
High
62.00
Current: 55.880
Low
29.81
Averages
46.55
High
62.00
BofA
Lawson Winder
Buy
maintain
$46 -> $50
Al Analysis
2025-11-24
Reason
BofA
Lawson Winder
Price Target
$46 -> $50
Al Analysis
2025-11-24
maintain
Buy
Reason
BofA analyst Lawson Winder raised the firm's price target on Pan American Silver to $50 from $46 and keeps a Buy rating on the shares. The firm is refreshing its price forecasts for North American Metals & Mining stocks under its coverage, the analyst tells investors. The firm sees the macro backdrop as challenging due to China's slowing commodity demand but notes this may be offset by a rebound in demand in U.S. and Europe.
BofA
Buy
downgrade
$50 -> $46
2025-11-24
Reason
BofA
Price Target
$50 -> $46
2025-11-24
downgrade
Buy
Reason
BofA lowered the firm's price target on Pan American Silver to $46 from $50 and keeps a Buy rating on the shares. The firm is refreshing its price forecasts for North American Metals & Mining stocks under its coverage, the analyst tells investors. The firm sees the macro backdrop as challenging due to China's slowing commodity demand but notes this may be offset by a rebound in demand in U.S. and Europe.
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Scotiabank
Ovais Habib
Outperform
maintain
$36 -> $47
2025-10-23
Reason
Scotiabank
Ovais Habib
Price Target
$36 -> $47
2025-10-23
maintain
Outperform
Reason
Scotiabank analyst Ovais Habib raised the firm's price target on Pan American Silver to $47 from $36 and keeps an Outperform rating on the shares. The firm is updating its price targets on Gold & Precious Minerals stocks under its coverage, the analyst tells investors. Precious metals prices continue to rally due to global trade and geopolitical uncertainty, the firm adds. Additionally, the firm notes capital returns and corporate M&A momentum is poised to continue.
BofA
Buy
maintain
$44 -> $50
2025-10-16
Reason
BofA
Price Target
$44 -> $50
2025-10-16
maintain
Buy
Reason
BofA raised the firm's price target on Pan American Silver to $50 from $44 and keeps a Buy rating on the shares. The firm raised price targets for its North American precious metals coverage by 16% on average on the back of higher gold and silver price forecasts, telling investors that the firm's commodities team now forecasts gold to reach $5,000 per ounce and silver to hit $65 per ounce.
About PAAS
Pan American Silver Corp. is a producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. It owns a 100% interest in the Escobal mine in Guatemala, and it holds interests in exploration and development projects. Its segments include Silver, Gold and Other. Silver segment includes operations of La Colorada, Huaron, San Vicente, Cerro Moro, La Colorada Skarn, Navidad and Escobal. Gold segment includes operations in Dolores, Shahuindo, Timmins, Jacobina, El Penon and Minera Florida. La Colorada mine produces silver-rich lead and zinc concentrates from a flotation plant treating sulfide ore. Huaron mine produces silver-rich zinc, lead and copper concentrates using floatation technology. It owns 44% joint venture interest in the Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along with 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project.
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.
