Seeking Alpha

Coeur Mining praised for new gold streaming agreement but shares flat

  • Coeur Mining (CDE -0.1%) isn't getting help from some positive analyst reports today; Sterne Agee reiterates its Buy rating and awards shares a Street-high $18 price target, BMO upgrades CDE to Market Perform from Underperform and raises its price target to $9.50 from $7, and Cowen lifts its target to $10.49 from $9.42.
  • Sterne Agee calls CDE its favorite silver-oriented equity, and believes the new gold streaming agreement with Franco Nevada will improve the economics of the Palmarejo mine; together with the decision to place Guadalupe into production, it should result in extended mine life and significantly higher asset value for Palmarejo.
  • BMO thinks the changes to the streaming agreement will reduce CDE's production costs and raise its cash flow.
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