It just got a little ahead of itself as can be seen clearly from this chart of SLW vs. SLV and PAAS over the past 12 months. http://finance.yahoo.com/q/bc?s=SLW&t=1y&l=on&z=m&q=l&c=slv,paas RBC made a conservative (safe) call in downgrading SLW. Be patient. As always with an uptrending stock in a long term bull market, buy low when you can and sell high when you must. The technicals just aren't screaming buy right now for SLW. They're suggesting continued consolidation. I'm not short SLW and I wouldn't recommend selling here. But with silver at recent highs and the technicals for SLW not following, it suggests that there's no hurry to buy here.
It certainly hasn't helped. I haven't read the details of the report, is the underperformance stated in "YTD terms" because that is the only way I can see an argument being made that SLW would not be among the sectors leaders. It is tough to maintain the price increases seen in 2007 . We'd have to be around $40 to do that.