Coeur Mining upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Kevin O’Halloran upgraded Coeur Mining to Outperform from Market Perform with a price target of $5.50, up from $4.25. Coeur’s Q1 results were roughly in line with expectations and after reaching commercial production at the end of March, Rochester is now routinely exceeding 70kstpd and full capacity of 88kstpd is expected by the end of Q2, enabling positive free cash flow in the second half of the year, with which Coeur plans to reduce debt, the analyst tells investors in a research note. The firm cites Rochester’s commissioning completion and visibility on a significantly improving balance sheet over the coming quarters for the upgrade.