The Silver Trade Is On

Written by Emily J. Thompson, Senior Investment Analyst

PAAS+4.5%

Source: Benzinga

Updated: Apr 11 2024

0mins

Source: Benzinga

Silver Market Analysis:
- Michael Ballanger opened a trading position in silver despite previous aversion.
- Silver (SLV:US) is up 12.44% YTD, outperforming gold (GLD:US).
- This performance confirms a new bull market in gold and miners.
- Gains expected in senior and junior developers in the future.
Fitzroy Minerals Inc. Update:
- Fitzroy Minerals Inc. is set to release an update on the Taquetren project in Argentina.
- The project is significant due to the involvement of Daniel Bussandri, known for discovering the Navidad Silver deposit.
- Taquetren is located in a mining-friendly area with identified gold-bearing zones.
- News on Chilean copper projects by the company is pending as copper prices rise.
Metals Performance Outlook:
- Morgan Stanley's Research Department ranks metals for expected performance in 2024.
- Copper and gold are at the top of the list, while uranium is ranked "bearish."
- Institutional wirehouses share a positive opinion on copper and gold developers and explorers.
Important Disclosures:
- The content provided does not guarantee accuracy or completeness and is not investment advice.
- Options and junior mining stocks involve high risk and are suitable for experienced investors.
- Consult a financial advisor if you do not understand the risks involved.

PAAS

$64.5+Infinity%1D

Analyst Views on PAAS

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 49.70 USD with a low forecast of 43.19 USD and a high forecast of 55.00 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 Analyst Rating

4 Buy

2 Hold

0 Sell

Moderate Buy

Current: 61.720

Low

43.19

Averages

49.70

High

55.00

Current: 61.720

Low

43.19

Averages

49.70

High

55.00

BofA

Buy

maintain

$68 -> $73

2026-01-23

New

Reason

BofA

Price Target

$68 -> $73

AI Analysis

2026-01-23

New

maintain

Buy

Reason

BofA raised the firm's price target on Pan American Silver to $73 from $68 and keeps a Buy rating on the shares after the company reported Q4 preliminary production and 2026 guidance. Given the increasingly bullish demand outlook for silver, the firm increases its target price to net asset value valuation multiple and notes that it sees several potential upcoming catalysts.

Jefferies

Hold

downgrade

$58 -> $54

2026-01-21

New

Reason

Jefferies

Price Target

$58 -> $54

2026-01-21

New

downgrade

Hold

Reason

Jefferies lowered the firm's price target on Pan American Silver to $54 from $58 and keeps a Hold rating on the shares. The firm cites the company's Q4 production results coming mixed, with gold volumes having missed and silver volumes beating consensus estimates, the analyst tells investors in a research note. 2026 guidance also calls for lower than expected production volumes across all metals and higher costs, capex, and cash taxes, the firm added.

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BofA

Lawson Winder

Buy

maintain

$61 -> $68

2026-01-19

New

Reason

BofA

Lawson Winder

Price Target

$61 -> $68

2026-01-19

New

maintain

Buy

Reason

BofA analyst Lawson Winder raised the firm's price target on Pan American Silver to $68 from $61 and keeps a Buy rating on the shares. The firm raise increased targets across the North American precious metals group. Many of the macro drivers that pushed gold prices higher "have intensified," the analyst tells investors in a research note. BofA expects company capital returns in Q4 to be strong.

BofA

Lawson Winder

Buy

maintain

$46 -> $50

2025-11-24

Reason

BofA

Lawson Winder

Price Target

$46 -> $50

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.

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.