Pan American Silver reinstated with an Outperform at BMO Capital

BMO Capital reinstated coverage of Pan American Silver with an Outperform rating and $25 price target. The company has a “clear identity and vision,” which has informed strategic portfolio assembly though successful acquisitions, committed precious metals exposure, specialization in Latin America which provides license to operate in difficult jurisdictions, and a successful track record of mine operation and optimization, the analyst tells investors in a research note. The firm says Pan American is “well-valued” compared with many of its silver-exposed peers.