Zacks Investment Research Upgrades Fresnillo (OTCMKTS:FNLPF) to “Buy”

Fresnillo (OTCMKTS:FNLPF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $9.00 target price on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.76% from the stock’s current price.

According to Zacks, “Fresnillo plc is silver and gold mining and exploration company. It also produces lead and zinc concentrates, silver precipitates, gold and silver dore bars and leases mining equipment. The Company has properties in Mexico. Fresnillo also holds interests in properties located in Zacatecas, Durango and Sonora. Fresnillo plc is headquartered in Mexico. “

Several other equities research analysts have also recently weighed in on FNLPF. Macquarie raised shares of Fresnillo from an “underperform” rating to an “outperform” rating and set a $9.00 price target for the company in a research report on Friday, September 13th. Royal Bank of Canada cut shares of Fresnillo from a “top pick” rating to a “sector perform” rating in a research report on Wednesday, July 31st. HSBC cut shares of Fresnillo from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Goldman Sachs Group cut shares of Fresnillo from a “conviction-buy” rating to a “neutral” rating in a research report on Friday. Finally, UBS Group cut shares of Fresnillo from a “buy” rating to a “neutral” rating in a research report on Friday, July 19th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $9.00.

FNLPF traded up $0.27 during trading on Monday, hitting $8.20. 1,300 shares of the stock traded hands, compared to its average volume of 9,657. The firm has a market capitalization of $5.83 billion, a P/E ratio of 17.83 and a beta of 0.02. The firm has a 50-day moving average of $8.62 and a 200 day moving average of $9.51. Fresnillo has a 12-month low of $7.01 and a 12-month high of $13.76.

About Fresnillo

Fresnillo plc mines, develops, and produces non-ferrous minerals in Mexico. It primarily explores for silver, gold, lead, and zinc concentrates. The company's operating mines include the Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, and San Julián; development projects comprise the Pyrites Plant, and second line of the DLP at Herradura; and advanced exploration projects consist of the Orisyvo, Juanicipio, Las Casas Rosario and Cluster Cebollitas, and Centauro Deep, as well as various other long term exploration prospects.

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