CDE: Sustained Exploration Spending Will Drive Near-Term Resource Expansion

Analysts have trimmed Coeur Mining's fair value estimate to approximately $20.86 from $21.67 per share. Recent research notes acknowledge the company’s strong rally and execution, but highlight a more cautious outlook as shares are now seen as fully valued.

Analyst Commentary

Recent street research provides a mixed outlook on Coeur Mining, reflecting both strengths in execution and growth, as well as emerging valuation concerns following a substantial share price rally.

Bullish Takeaways

• Bullish analysts recognize Coeur Mining's diversified portfolio, including four mines with lower jurisdictional risk and significant production of silver and gold.
• The company's aggressive exploration budget is viewed as a positive driver for extending reserve life and supporting long-term growth.
• Target multiples have been increased in response to improved financial performance, particularly following strong quarterly results.
• Ongoing growth initiatives keep the company's outlook attractive. Some analysts are maintaining an Outperform rating despite a slight reduction in price targets.

Bearish Takeaways

• Bearish analysts are cautious after the stock's more than 200% rally year-to-date. They consider shares to be fully and fairly valued at current levels.
• Several price targets have been lowered or only modestly increased. This reflects a more conservative valuation approach even as operational performance impresses.
• Recent downgrades from a Buy stance to Hold or Market Perform signal a shift in sentiment, as upside potential is seen to be limited moving forward.
• The focus on valuation rather than further momentum suggests that future gains may depend more on continued operational delivery than market re-rating.

What's in the News

• Cœur Mining completed the repurchase of 668,200 shares for $7.33 million under its ongoing buyback program. The most recent tranche covered July through September 2025. (Company announcement)
• The company reported strong third quarter 2025 unaudited production results, with gold output rising to 111,364 ounces and silver production increasing to 4.8 million ounces compared to the previous year. (Company announcement)
• Updated full year 2025 corporate guidance increased the expected midpoint for gold production by 1% to 415,250 ounces. The midpoint for silver production was reduced by 2% to 18.1 million ounces. (Company guidance)
• Exploration updates highlighted significant intercepts and resource growth at the Las Chispas and Kensington mines. These included high-grade discoveries and expanded drilling programs targeting further expansion. (Company update)

Valuation Changes

• The Fair Value Estimate has decreased slightly, moving from $21.67 to $20.86 per share.
• The Discount Rate has risen modestly, increasing from 7.59% to 8.06%.
• Revenue Growth assumptions have increased, with projections rising from 14.44% to 15.86%.
• The Net Profit Margin forecast has declined, dropping from 38.22% to 36.70%.
• The estimate for the future Price-to-Earnings (P/E) Ratio has edged lower, moving from 21.77x to 21.31x.