Scotiabank lowered the firm’s price target on Pan American Silver to $25 from $26 and keeps an Outperform rating on the shares. The firm is updating its estimates for actual Q3 metal prices and FX rates, as well as with adjustments to its 2024 estimates ahead of Q3 results, the analyst tells investors. Consistent with most of the Gold & Precious Minerals companies under its coverage guiding to a stronger 2H of 2024, as well as the completion of projects in 1H, free cash flow generation should follow suit, accelerating in the second half of the year across its coverage.
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