Jefferies Maintains a 'Buy' on Coeur d Alene Mines (CDE); Raising Silver Price and Valuation Target

Jefferies maintains a 'Buy' on Coeur d Alene Mines (NYSE: CDE), PT increased from $42 to $44.

Jefferies analyst says, "Coeur is poised to report very strong volume and margins, now that all three new, long life silver and gold mines are in production. We have raised our price target to $44 to reflect our new 2011-12 and long-term silver price estimates, and Coeur's strong production and free cash flow growth. Remains our top silver pick within our universe."

"We believe silver prices will exceed $50 per ounce while averaging $38 per
ounce during 2011 and $40/oz during 2012...We are now modeling silver prices of $38/ounce in 2011 and $40/oz in 2012 and gold prices of $1,400 in 2011-2012. We have also increased our long-term silver price estimate from $20/oz to $25/oz. We have therefore increased our 2011 earnings estimates to $3.30 (vs $2.30 earlier) and 2012 estimates to $3.50 (vs $2.40 earlier)."

For more ratings news on Coeur d Alene Mines click here and for the rating history of Coeur d Alene Mines click here.

Shares of Coeur d Alene Mines closed at $30.85 yesterday.

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