Pan American Silver price target lowered to $26 from $30 at TD Securities

TD Securities lowered the firm’s price target on Pan American Silver (PAAS) to $26 from $30 and keeps a Hold rating on the shares. The firm views the MAG acquisition as “transformational” in providing Pan American with exposure to a “Tier I” primary silver asset. However, it anticipates questions on the Escobal restart given the transaction timing and “full valuation” paid for MAG.