FINWIRES · TerminalLIVE
FINWIRES

Pan American Silver Upgraded to Buy at TD

By

Pan American Silver Corp. (PAAS.TO, PAAS) was upgraded to Buy from Hold at TD Securities on Tuesday.

Analyst Wayne Lam raised his price target on shares of the Vancouver-based mining company to $72 from $67.

"We upgrade PAAS... with our view that recent updates have bolstered the outlook for the company ahead," Lam said in a note to clients.

"This includes the Skarn Update, which provides PAAS with a large silver focused growth project along with ongoing robust FCF simultaneously supporting growth initiatives and enhanced capital returns," the analyst said.

Related Articles

Research

Research Alert: Pbr Q1: Record Production, Brent Pricing Lift Ebitda Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q1 saw record oil and gas production with net income of $6.2B, including $2.5B in one-offs, while adjusted net income of $4.5B declined 4.5% sequentially but rose 12.6% Y/Y. Adjusted EBITDA reached $11.7B, up 7.3% on higher Brent prices that averaged $80.61/bbl and increased domestic product sales, though sales remained flat at $23.5B despite production growth of 3.7%. The early startup of FPSO P-79 added 180,000 bbl/day capacity with three additional Buzios FPSOs scheduled for 2027, positioning the company for continued production growth. Management noted Q2 should prove far stronger as elevated prices from the Iranian war will be reflected in results. Operating cash flow totaled $8.4B, down 17.3% sequentially, while net debt increased to $62.1B with leverage at 1.43x remaining within target range. We expect the company to benefit from the ongoing export balance of 81,000 bbl/day expected in Q2 and continued oil price strength from Middle East geopolitical tensions.

$PBR
Research

Research Alert: Ovv: A Q1 Eps Beat And Strategic Repositioning Complete

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OVV posted Q1 adjusted EPS of $2.00 vs. $1.42, beating consensus by $0.17, driven by strong volume growth. Total production rose 15% Y/Y to 678,900 boe/d, with oil/condensate up 9.5% and natural gas up 20%, all at the high end of guidance. OVV's strategic repositioning is complete, having closed the NuVista acquisition for ~$2.8B and Anadarko divestiture for ~$2.85B, streamlining operations into two core assets: the liquids-focused Permian Basin and natural gas-focused Montney play in Western Canada. The company guides 2026 production at 620-645k boe/d, excluding divested Anadarko volumes. The Permian delivered 221k boe/d with plans for $1.35B capex and 125-135 net wells in 2026, while Montney produced 365k boe/d enhanced by NuVista's 100k boe/d addition. The Anadarko sale significantly strengthened the balance sheet, with net debt declining 40% to below $3.3B and Net Debt to Adjusted EBITDA improving to below 0.8x. OVV returned $84M via buybacks in Q1 and $180M YTD.

$OVV
Research

Research Alert: Plug: Q1 Beat, Though Cash Burn Remains A Concern

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PLUG delivered a strong Q1 top-line beat, with revenue of $163M (+22% Y/Y), meaningfully above consensus of $140M due to strength across equipment sales, services, and hydrogen fuel sales. GAAP gross margin improved to -13% from -55% prior year, while adjusted loss per share improved to $0.08 from $0.17, beating consensus of $0.10. We believe the broad-based revenue strength validates management's execution across the platform, with continued material handling demand and electrolyzer project progress. Management maintained its target of achieving EBITDAS positive performance by Q4 2026. Liquidity remains supported with total cash of $802M and expected proceeds of $275M from asset monetization initiatives. We expect sequential improvement in cash usage as operational efficiencies materialize, though cash burn remains elevated and we anticipate another year of significant usage before profitability.

$PLUG