One Silver Stock Got a 80% Upside Call Despite the Metal Dropping 50%: Here’s Why
Silver has crashed about 50% from its January record, yet First Majestic Silver (AG) just posted record revenue, record cash and a bigger dividend. A five-star analyst thinks the stock is worth far more, and his case never mentions the silver price.
The gap comes down to timing. Miners sell into the quarter's average price, so First Majestic banked cash at levels set before the crash, even as the metal fell through the period.
Analysts Kept Raising Targets as Silver Fell
When silver hit a record near $121.62 an ounce on January 29, it looked unstoppable. It then tumbled about 50% into the summer, an ordinary bear market after a parabola.
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Analysts went the other way on First Majestic. Over that same stretch they lifted their price targets on the stock from $22 to $27, even as it set a fresh 2026 low.
H.C. Wainwright's Heiko Ihle raised his target to $27 from $26 on July 31, the exact day the stock closed at its low of $15.03. That marked an implied 80% gain, and even after the stock climbed to around $17.50 this week, about 54% still remains.
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