Pan Am Silver (PAAS) PT Raised to $22 at Canaccord Genuity

Canaccord Genuity analyst Dalton Baretto raised the price target on Pan Am Silver (NASDAQ: PAAS) to $22.00 (from $17.00) while maintaining a Buy rating.

Analyst comments: "On Nov 13, PAAS announced an agreement to acquire all of the outstanding shares of Tahoe Resources Inc (THO-TSX: C$4.35 | BUY, C$7.50 TP, Carey MacRury), pursuant to a Plan of Arrangement. The centrepiece of the deal, in our view, is the Escobal mine in Guatemala. We believe this deal is all about Escobal, as the other assets are not strategic fits for PAAS. As such, realizing value in the transaction is all about re-starting Escobal. Should Escobal re-start in early 2020 as per our forecast, this deal is 18% accretive to our NAV. However, should Escobal never re-start, this deal is 9% dilutive to our NAV."

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