BMO Capital analyst Kevin O’Halloran upgraded First Majestic (AG) to Outperform from Market Perform with an unchanged price target of C$35. The shares are discounted compared to First Majestic’s historical trading multiples, the analyst tells investors in a research note. BMO sees value creating catalysts in 2026 for the company, including expanding processing capacity at Santa Elena and Gatos and evaluating restart potential at Jerritt Canyon. It views the stock’s valuation as attractive at current levels.
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