BMO Capital analyst Kevin O’Halloran reinstated coverage of First Majestic with a Market Perform rating and C$8.25 price target. The analyst has a constructive view of the company’s operations overall, but views the shares as appropriately valued with elevated multiples compared to peers. First Majestic’s opportunities for production growth and cost improvement are balanced with a moderately elevated cost profile and uncertainty at the company’s Jerritt Canyon property, the analyst tells investors in a research note.
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