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First Majestic Silver upgraded to Hold as gold output rises 30% through 2028, but limited near-term upside remains.

Analyst Insights
31 Aug 2026
Seeking Alpha
View Source
Bullish
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First Majestic Silver Corp. has been upgraded to a Hold rating due to a fair valuation and improved operational outlook, driven by increased gold and silver demand. The company’s production guidance now expects gold output to rise by 30% through 2028, boosted by the restart of the Jerritt Canyon mine. Despite these positives, the valuation premium has decreased, with a price target of $21 by year-end 2027, indicating limited near-term upside. Key risks include silver price volatility, rising costs, and challenges in expanding throughput and advancing the Jerritt Canyon pre-feasibility study.

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