StoneCap Securities Initiates Coverage on Endeavour Silver with an Outperform Recommendation -Video Research Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 10, 2013) - Investment firm StoneCap Securities initiates coverage on Endeavour Silver Corp (TSX: EDR) (NYSE: EXK). Analyst Christos Doulis gives the company an outperform rating and a 12-month target price of $5.25, a premium of 24% from the $4.23 price at the time the report was issued.
InvestmentPitch.com has produced a "video research alert" about Endeavour Silver based on the StoneCap report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Endeavour" in the search box.
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The company set new records for quarterly silver and gold production in the Third Quarter, 2013 from the Company's three operating silver mines in Mexico : the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State.
Silver production in the Third Quarter, 2013 was up 63% to 1,855,846 ounces and gold production was up 95% to 22,947 ounces compared to the Third Quarter, 2012. Revenue was up 31% to approximately US$67.8 million in the Third Quarter, 2013 as a result of the increased precious metal production, partially offset by lower metal prices.
Since start-up in 2004, Endeavour has posted eight consecutive years of accretive growth of its silver mining operations.
Analyst Christos Doulis stated "With a track-record of successful turnarounds, we expect improved performance from the recently acquired El Cubo mine during the balance of 2013 which should act as a positive catalyst for the Company's shares. Unlike many primary silver producers, we believe Endeavour can survive during periods of weak silver prices."
The Third Quarter, 2013 financial results will be released after market on Tuesday, November 5 and a telephone conference call to discuss the Third Quarter 2013 financial results will be held at 10 am Pacific Standard Time on Wednesday, November 6, 2013.
The company is trading at $4.00, and with 99.7 million shares outstanding, is capitalized at $399 million.
For more information about StoneCap Securities or to obtain additional research, contact them at www.StoneCapSecurities.com.
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Barry Morgan, CFO