GARP Research Starts First Majestic Silver (AG) at Buy; Poised for Growth

GARP Research initiates coverage on First Majestic Silver (NYSE: AG) with a Buy.

GARP analyst says, "The company’s production is poised to grow 90% over the next three years to over 13 million ounces, in our view. Based on our $45 silver price target, we anticipate sales rising from ~$270 million in 2011 to $655 million by 2014. At $18, the shares trade at 6x our 2014 EPS estimate of $3.25, which we find attractive given our outlook for 40% earnings growth, with upside to higher silver prices."

For an analyst ratings summary and ratings history on First Majestic Silver click here. For more ratings news on First Majestic Silver click here.

Shares of First Majestic Silver closed at $17.61 yesterday.

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