In a report released on April 17, Ben Pirie from Atrium Research maintained a Buy rating on Santacruz Silver Mining, with a price target of C$34.20.
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Ben Pirie has given his Buy rating due to a combination of factors, including Santacruz’s leverage to a strong silver price environment and the company’s solid cash generation profile. Despite Q1 silver-equivalent output of 2.3Moz coming in below his prior forecast, he expects the company to deliver robust operating and free cash flow in the quarter, highlighting the underlying profitability of the asset base.
He also points to meaningful operational momentum at the Bolivar mine, where silver production rose 28% quarter over quarter as the operation continues to recover from the 2025 flood. While some mines, such as Porco, underperformed versus expectations, he views these issues as manageable and not thesis-breaking, which supports maintaining a Buy recommendation and a C$34.20 per share target price.
In another report released on April 8, Maxim Group also initiated coverage with a Buy rating on the stock with a $12.00 price target.
Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SCZ in relation to earlier this year.