- Coeur Mining (CDE +0.4%) is upgraded to Sector Perform from Sector Underperform with a $14.50 price target, raised from $9.50, at CIBC, citing its strengthened balance sheet.
- “The thesis for the Coeur Mining story has changed,” CIBC says, noting CDE's falling cost profile which could see all-in sustaining costs fall from US$16.09/oz. in 2016 to US$15.47 in 2017 and US$15.33 in 2018.
- Even as shares have climbed more than 450% YTD, the firm says CDE's multiples remain reasonable at 11.6x estimated 2017 price to cash flow and 9.6x for 2018, vs. peers at 12.9x and 12.8x, respectively.