Canaccord Genuity lifts Fresnillo price target, downgrades to 'hold'
By Michele Maatouk
Date: Monday 04 Nov 2024
(Sharecast News) - Canaccord Genuity downgraded Fresnillo on Monday to 'hold' from 'buy' as it pointed to a strong run over the past three to six months.
It said that with the silver price up 39% year-to-date and 23% since the early August lows, it is good to see Fresnillo following those trends with its own share price progression this year.
"Relative to the moves in the silver price mentioned above, the Fresnillo share price is also up 30% YTD, but up a more impressive 39% since its early August lows," it said.
Canaccord said it has updated its modelling to include what it thought was a good set of third-quarter production results as well as its 4Q24 precious metals price deck.
All in, it has increased its 2024 EBITDA forecast by just 3%, but its 2025 EBITDA forecast is up a more substantial 13%.
Canaccord said it has also lifted its price target on the stock to 760p from 680p.
"With the Fresnillo share price currently trading at 740p, this leaves just 3% potential upside to our revised share target," it said, hence the rating downgrade.
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