Capitan Silver Initiated at Speculative Buy at Stifel Canada; Price Target at C$3.75
Stifel Canada on Thursday initiated coverage of the shares of Capitan Silver (CAPT.V) with a speculative buy rating and a C$3.75 price target."We are initiating coverage on Capitan Silver with a SPECULATIVE BUY rating and a C$3.75/sh target price. Led by the former Argonaut Gold Mexican team [alongside former Penoles CEO Fernando Alanis Ortega on the BoD], CAPT is advancing the high grade, scalable Cruz de Plata project in Mexico. Where silver producers are i) set to generate double the FCF in 2026 over the prior decade combined and ii) experiencing muted volume growth to 2028, we think multiple expansion on already healthy multiples is driven by primary silver growth. The newly consolidated CdP has already shown scale via connecting the dots between continuous historic workings, (Stifel exploration target 116MMoz AgEq) and we see potential to double this through a straight forward 2026 program. The kicker: the top 50 intervals (g*m) from the first 50 holes drilled on CdP have averaged just 7% less than the same sample at Las Chispas," analyst Cole McGill wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $2.19, Change: $+0.02, Percent Change: +0.92%
