First Majestic Silver soars 11% after TD Cowen upgrades to Buy

[lump of silver or platinum on a stone floor]
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First Majestic Silver (NYSE:AG [https://seekingalpha.com/symbol/AG]) jumped over 11% on Wednesday after TD Cowen raised its rating on the stock to Buy from Hold on expectations of improving performance and favourable macro trends. The stock rose 11.35% to $14.13 during mid-day trading.

The brokerage raised its price target on the company to C$22 from C$14 previously. This also represents a 73% upside from Tuesday’s close.

Analyst Wayne Lam was bullish on the miner’s Gatos site. He expects it to deliver lower-cost production and sustained outperformance, with expansion anticipated in 2026. He sees the company’s fundamentals improving on the back of new discoveries and planned expansion at Santa Elena and Gatos, which he argued is a strong leverage to higher silver prices.

New discoveries at the Santa Elena site could also serve as a meaningful growth driver, Lam added, sustaining strong silver output.

The company’s expected outperformance is further bolstered by increasing silver prices, TD Cowen said. Silver prices rose as much as 3.31% on Wednesday to trade at $49.42.

Overall, Wall Street analysts have rated the stock as Buy. However, Seeking Alpha analysts, as well as its quant ratings, have a Hold recommendation. It has been graded an A+ for growth but is dragged down by a D- for valuation.

First Majestic Silver has soared by over 147% on a year-to-date basis compared to the S&P500’s 14.16% rise.

MORE ON FIRST MAJESTIC SILVER CORP.

* Gold And Silver Mining Stocks - Potential Winners [https://seekingalpha.com/article/4828131-gold-and-silver-mining-stocks-potential-winners]
* First Majestic Silver: Further Margin Improvement In Q2 [https://seekingalpha.com/article/4819115-first-majestic-silver-further-margin-improvement-in-q2]
* First Majestic Silver Corp. 2025 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4813812-first-majestic-silver-corp-2025-q2-results-earnings-call-presentation]
* Historical earnings data for First Majestic Silver Corp. [https://seekingalpha.com/symbol/AG:CA/earnings]
* Dividend scorecard for First Majestic Silver Corp. [https://seekingalpha.com/symbol/AG:CA/dividends/scorecard]