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Thursday, 18 July 2013
SilverCrest retains "buy" rating at Jennings on Q2 output
SilverCrest Mines Inc. (CVE:SVL), a Canadian miner focused on Mexico, had its "buy" recommendation maintained at Jennings Capital Inc. after reporting second-quarter silver production that beat the research firm's expectations.
The Vancouver, British Colombia's silver production for the second quarter came in at 194,022 ounces and was 32 percent above Jennings' expectations, analyst Kwong-Mun Achong Low wrote in a note to clients on Wednesday.
Jennings also maintained its target price for the stock at C$3.25.
SilverCrest's gold production for the quarter dropped to 7,463 ounces from 8,584 ounces in the year-earlier period, 4 percent below Jennings' projection, according to the analyst note.
Jennings' Kwong-Mun said he expects second-quarter costs to be $8.90 an ounce, in line with this year's guidance of $8.50 an ounce, and they could gradually drop for the rest of the year.
SilverCrest shares slid 1.2 percent to $1.65 at 3:45 p.m. Eastern Time, giving the company a market value of $180 million.
SilverCrest has four "buy" recommendations from analysts.