Vancouver, British Columbia, October 10, 2013 - Investment firm StoneCap Securities initiates coverage on Endeavour Silver Corp (EDR.TO) (EXK). Analyst Christos Doulis gives the company an outperform rating and a 12-month target price of $5.25, a premium of 24% from the $4.23 price at the time the report was issued.
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The company set new records for quarterly silver and gold production in the Third Quarter, 2013 from the Company`s three operating silver mines in Mexico : the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State.
Silver production in the Third Quarter, 2013 was up 63% to 1,855,846 ounces and gold production was up 95% to 22,947 ounces compared to the Third Quarter, 2012. Revenue was up 31% to approximately US$67.8 million in the Third Quarter, 2013 as a result of the increased precious metal production, partially offset by lower metal prices.
Since start-up in 2004, Endeavour has posted eight consecutive years of accretive growth of its silver mining operations.
Analyst Christos Doulis stated "With a track-record of successful turnarounds, we expect improved performance from the recently acquired El Cubo mine during the balance of 2013 which should act as a positive catalyst for the Company`s shares. Unlike many primary silver producers, we believe Endeavour can survive during periods of weak silver prices."
The Third Quarter, 2013 financial results will be released after market on Tuesday, November 5 and a telephone conference call to discuss the Third Quarter 2013 financial results will be held at 10 am Pacific Standard Time on Wednesday, November 6, 2013.
The company is trading at $4.00, and with 99.7 million shares outstanding, is capitalized at $399 million.
For more information about StoneCap Securities or to obtain additional research, contact them at www.StoneCapSecurities.com.
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