- "First Majestic’s (NYSE:AG) valuation is now outrageously detached from reality," says Kerrisdale Capital, estimating the company trades at 5x net asset value - "an astonishing premium to peers and a gross violation of common sense."
- Contributing to the hype, says Kerrisdale, is the company's promotional CEO who for years has predicted silver would trade for more than $100 per ounce.
- The stock has 70-80% downside.
- Shares are lower by 4.6% today and by more than a third over the past month.