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National Bank of Canada Upgrades First Majestic Silver to Outperform from Sector Perform

BY MT Newswires | ECONOMIC | 10/06/25 10:54 AM EDT

10:54 AM EDT, 10/06/2025 (MT Newswires) -- National Bank of Canada over the weekend upgraded First Majestic Silver (AG) 's rating to outperform from sector perform while its price target was raised to $22 from $20.

National Bank made the changes after it attended a tour of First Majestic's Santa Elena and Cerro Los Gatos mines in Mexico, as well as the company's First Mint facility in Nevada.

The bank said it was impressed with the quality of the operations, evident substantial exploration and mine life upside, opportunities to marginally increase mining and milling rates, and positive culture evident throughout the operations visited.

"We are upgrading First Majestic to outperform from sector perform given the increase to our estimated value for the company's mines, which, in turn, has increased our target price and implied rate of return," National Bank said.

First Majestic traded 7.2% higher at last look Monday to $18.14 on the Toronto Stock Exchange.

Price: 18.10, Change: +1.18, Percent Change: +6.97

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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