MAG Silver price target raised to $18 from $16 at Roth Capital

Roth Capital raised the firm’s price target on MAG Silver to $18 from $16 and keeps a Neutral rating on the shares. The firm notes MAG Silver (MAG) announced it had agreed to be acquired by Pan American Silver (PAAS) for a combination of cash and stock. Roth believes the transaction is likely to receive all necessary approvals and close later this year. With that said, the firm does acknowledge there remains potential for Fresnillo (FNLPF) to make a competing bid. At this time, Fresnillo has not agreed to a standstill but has also been supportive verbally and by allowing Pan American Silverto conduct a site visit. Roth believes there remains potential for Fresnillo to make a higher offer if they choose to do so.