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Gold/Mining/Energy : First Majestic Silver

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From: GiantsRule88	11/21/2014 12:44:52 PM
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Negative rating for FR Analyst Daniel Earle has released his views on First Majestic. First Majestic reported adj. Q3/14 EPS of -$0.04/share, below consensus of $0.04 and Daniel Earle's estimate of $0.05 with the miss due to higher costs and slightly lower realized prices Production was pre-released October 14, with production of 2.68 Moz Ag (3.52 Moz AgEq); Total cash costs were reported this morning at $10.41/oz (AISC of $19.89/oz), significantly higher than Daniel Earle's forecast of $8.60/oz due to higher unit costs at all mines As previously announced, the company suspended silver sales during the quarter; subsequently, it sold all 934 koz of inventory at an average price of $17.29/oz (the Q3/14 spot price averaged roughly $19.71/oz for reference) The company's current total cash cost guidance range of $8.67-$9.12/oz would require major cost improvement in Q4 to be achieved, in Daniel Earle's view Daniel Earle has lowered his 12-month target price to C$7.50 from C$10.00, reflecting lower multiples across the sector and the challenging silver price for the company and maintains his HOLD recommendation.

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