Investment Recommendation
We initiate coverage of MAG Silver with a C$20.50 target price and SPECULATIVE BUY rating. The company is a silver project generator focused on high grade in Mexico, transitioning to production and positive cash flow in 2018 at the world-class Juanicipio project. In our view, the story of Juanicipio’s discovery, David and Goliath struggles, a further discovery with imminent results, and ultimate development is operatic in scope.
Please see full report in PDF on right side.
