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Analyst Actions: CIBC World Markets Raises Price Target on Pan American Silver

Pan American Silver Corp. (PAA.TO) offers investors "modest growth" in 2013 and is already trading at a discount to most silver and gold producers, says CIBC World Markets analyst Barry Cooper, the Globe & Mail reported.

"Government restrictions on imports and cash repatriation led to the deferral of some components of mining in Argentina. We like this strategy as it allows Manantial Espejo to be set up for optimum mining when conditions improve," likely in 2013, Cooper wrote, referring to Pan American's first mine in the country, in a note titled It's The Pits In Argentina.

"Unfortunately with a market thinking short term in politically risky regions, the reward for such a strategy is to sell the stock. Nevertheless, we think that silver stocks will enjoy a strong four-month run, as in the past decade, 66% of the gains for the year have occurred between now and March."

Cooper raised his price target to $25 from $21 and rates the stock "sector perform."

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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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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