Pan American Silver

PAAS · TORONTO

$40.15−$0.92 (−2.24%)TodayMarket closed · Oct 23, 7:59 PM ET

Prev close $41.07

PAAS analyst rating

BuyConsensus of 5 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy4
Hold1
Underperform0
Sell0

12-month price target · 6 analysts

Average $48.46 (+20.7% upside)

Low: $40.29
Now: $40.15
High: $57.42

Upgrades and downgrades

The latest rating actions, newest first

PAAS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Sep 16, 2026	Maintains	Outperform	$65.00 → $56.00	49%
B of A Securities	Jul 9, 2026	Maintains	Buy	$77.00 → $69.00	61%
Jefferies	Jul 6, 2026	Maintains	Hold	$54.00 → $53.00	52%
TD Cowen	May 12, 2026	Upgrade	Hold → Buy	$67.00 → $72.00	30%
RBC Capital	Apr 28, 2026	Maintains	Outperform	$75.00	49%
Scotiabank	Jan 26, 2026	Maintains	Sector Outperform	$47.00 → $64.00	80%
Jefferies	Jan 21, 2026	Maintains	Hold	$58.00 → $54.00	52%
B of A Securities	Dec 1, 2025	Maintains	Buy	$46.00 → $51.00	61%

The case for and against

Updated Oct 15, 2026

Bull case

Pan American Silver is supported by robust free cash flow, a strong balance sheet with net cash of $467m, and the ability to fund both growth and shareholder returns at the same time, including targeted returns of 35-40% of annual attributable free cash flow. Its outlook is further strengthened by the updated La Colorada Skarn PEA, which lowers technical risk, reduces upfront capital to $1.9B, and points to a pathway toward ~20 Moz Ag/yr from La Colorada, while exploration has already identified multiple high-grade veins with assays above 1,000 g/t. The company also benefits from multiple operational catalysts across Juanicipio and La Colorada, plus a favorable reserve update and permitting backdrop in Mexico that could extend mine life, improve silver exposure, and unlock additional production growth.

Bear case

Pan American Silver is exposed to a deteriorating risk profile driven by jurisdictional permitting uncertainty, political and social friction, and a wide range of operational hazards spanning foreign exchange, metal prices, capital spending, infrastructure, labor, and community relations. Its outlook is further pressured by Juanicipio, where the mine commissioned in 2023 is already expected under the 2024 plan to see silver-equivalent production decline as mining moves into deeper zones with higher gold and base-metal content, reducing the quality of the resource base. In Mexico, ongoing security and legal uncertainty, plus higher labor costs from the progressive workweek change enforceable from 2030, add to margin pressure and raise the likelihood that future funding needs could become more expensive or harder to secure.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.