TipRanksStock Market NewsGATO NewsCanaccord Genuity Downgrades Gatos Silver (GATO) to Hold

Canaccord Genuity Downgrades Gatos Silver (GATO) to Hold

Gatos Silver (GATOResearch Report) received a Hold rating and a $4.00 price target from Canaccord Genuity analyst Kevin MacKenzie today. The company’s shares closed last Wednesday at $3.17, close to its 52-week low of $3.00.

According to TipRanks.com, MacKenzie is a 5-star analyst with an average return of 19.7% and a 56.4% success rate. MacKenzie covers the Basic Materials sector, focusing on stocks such as Great Bear Resources, Pretium Resources, and Alexco Resource.

The word on The Street in general, suggests a Hold analyst consensus rating for Gatos Silver with a $8.20 average price target, implying a 94.3% upside from current levels. In a report released yesterday, CIBC also downgraded the stock to Hold with a $7.00 price target.

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Based on Gatos Silver’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $15 million. In comparison, last year the company had a GAAP net loss of $1.19 million.

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Gatos Silver Inc is a precious metals production, development and exploration company with the objective of becoming a silver producer. The company is focused on the production and development of the Cerro Los Gatos Mine.

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