Pan American Silver target raised to $88 as 2026 guidance set at 25–27M oz
CIBC analyst Cosmos Chiu boosted Pan American Silver’s price target to $88 from $70, maintaining an Outperform rating after raising 2026–27 gold forecasts to $6,000–$6,500 per ounce. Pan American delivered 22.8 million ounces of silver in 2025 and guided 2026 silver output to 25–27 million ounces at $15.75–$18.25 AISC.
1. CIBC Price Target Increase
On February 4, CIBC analyst Cosmos Chiu raised Pan American Silver’s price target from $70 to $88 and reaffirmed an Outperform rating, reflecting higher 2026–27 gold assumptions of $6,000–$6,500 per ounce and elevated copper forecasts.
2. Scotiabank Also Raises Target
On January 26, Scotiabank lifted its price target on Pan American Silver to $64 from $47 while reiterating an Outperform rating, citing macro uncertainty and continued central bank metal purchases.
3. 2025 Production Results
Pan American Silver reported 2025 attributable silver production of 22.8 million ounces—beating guidance—with a record 7.3 million ounces in Q4, alongside gold production of 742,200 ounces in line with expectations.
4. 2026 Guidance and Costs
The company set 2026 guidance at 25–27 million ounces of silver at $15.75–$18.25 AISC, 700,000–750,000 ounces of gold at $1,700–$1,850 AISC, and capital spending forecast of $515–$550 million.