DA Davidson analyst Tom Forte lowered the price target on A-Mark Precious Metals (NASDAQ: AMRK) to $42.00 (from $44.00) while maintaining a Buy rating.

The analyst comments "Leading indicators for AMRK’s profitability that we track were softer in January and February, which continued the weakness seen at the end of the December quarter. But, those indicators started to improve about halfway through March and into April. This is consistent with what AMRK reported in their press release, which is to say softness for most of 3Q24 (March), but improving profitability later in the period and into 4Q24 (June), as discussed on their call. In particular, after a period of compression in 3Q24, premium spreads on AMRK’s most important products are now widening. While the magnitude of the pressure in 3Q24 was more than we had modeled, leading to a miss versus estimates and a reduction in our FY2024 (June 2024) full year forecast, we continue to expect a rebound in the current quarter. We reiterate our BUY rating and our price target goes to $42 from $44, using the same 8.5x multiple on our calendar 2025 EPS estimate."