First Majestic jumps as TD Cowen upgrades rating to 'buy'

First Majestic Silver

08/10/2025 17:40

** Shares of Canada-based miner First Majestic AG.TO up ~11% at C$19.60

** TD Cowen upgrades rating to "buy" from "hold"; raises PT to C$22 from C$14

** The new price target represents a 24.3% upside to the stock's last close

** Brokerage says it upgraded AG on improving fundamentals backed by new discoveries and planned expansion at Santa Elena and Gatos supporting strong leverage to higher silver price

** Brokerage views the Gatos asset constructively, with ramp up to targeted expansion by YE2026

** "We view the exploration at Santa Elena as a key growth driver helping sustain stronger silver output, complementing the flagship Gatos asset"- brokerage

** Including session's moves, stock up ~150% YTD

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))