First Majestic Silver falls after PT cut by brokerages

First Majestic Silver

20/01/2023 16:12

(Updates)
    ** Shares of Canadian miner First Majestic Silver Corp
 FR.TO  dip 3.5% to C$10.61
        ** Stock hits lowest in three months
  
    ** Brokerages lower PT of after co reports a fall in qtrly
production 
    ** Co said on Thursday its Q4 production decreased 14%
sequentially to 7.6 mln silver equivalent ounces, pulling the
total production in 2022 below co's forecast 
    ** BMO Capital Markets lowers PT to C$9 from C$10.5,
maintains "market perform" rating 
    ** The brokerage says the midpoints of its 2023 forecast for
silver and gold productions are also lower than estimates 
    ** Cormark Securities cuts PT of co to C$15 from C$17, rates
it "buy"
    ** In addition to the lower output, Cormark says co's 2023
capital expenditure forecast is higher compared to brokerage's
estimates
    ** Stock fell 19.8% last year
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))