Deutsche Bank Upgrades Pan Am Silver (PAAS) to Buy, Costs Turning the Corner

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Deutsche Bank upgraded Pan Am Silver (NASDAQ: PAAS) from Hold to Buy with a price target of $26.00 (from $22.00).

"After spending time with management, as we believe costs are turning the corner and free cash flow could surge in 2013 on higher silver prices," analyst Jorge Beristain said. "We are supportive of the company's (second) announced 5% share buyback and 1% dividend yield which returns excess cash to shareholders."

For an analyst ratings summary and ratings history on Pan Am Silver click here. For more ratings news on Pan Am Silver click here.

Shares of Pan Am Silver closed at $21.67 yesterday, with a 52 week range of $13.49-$30.79.

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