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Analyst Actions: CIBC Cuts First Majestic Silver Price Target to $29

First Majestic Silver Corp. (FR.TO) released a pre-feasibility study on the La Parilla silver mine in Mexico, which included updated reserves and capital requirements for the ongoing expansion, the Globe and Mail reported. CIBC World Markets Inc. analyst Brian Quast reportedly said in a research note today "Despite increased reserves and throughput, our valuation for the mine falls slightly due to lower grades and increased costs."

CIBC World maintained a "sector performer" rating but cut his price target by $1 to $29.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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