Last Update 15 Dec 25

CDE: Diversified Mines And Exploration Success Will Drive Future Upside Potential

Analysts have nudged their average price target on Coeur Mining modestly higher to reflect stronger valuation multiples and solid growth prospects highlighted in recent research, even as some now view the stock as fairly valued following its sharp rally.

Analyst Commentary

Recent Street research presents a more balanced picture on Coeur Mining, with some bullish analysts still highlighting attractive growth and asset quality, while more cautious voices focus on valuation after the stock's strong run.

Bullish Takeaways

Bullish analysts point to the company's diversified portfolio of four operating mines as a key strength that supports more resilient cash flow and reduces jurisdictional risk.
Coeur Mining's position as one of the world's largest primary silver producers, alongside meaningful gold production, is viewed as an attractive way to gain leveraged exposure to precious metals prices.
An aggressive exploration budget aimed at extending reserve life and unlocking additional resources underpins the longer term growth story and supports the case for premium valuation multiples.
Some price targets have been raised despite rating downgrades, signaling confidence in the underlying business fundamentals and medium term growth prospects even if near term upside appears more limited.

Bearish Takeaways

Bearish analysts argue that after a more than 200 percent year to date rally, the shares now embed much of the near term upside, leaving a less compelling risk reward skew.
Several ratings have been moved down to more neutral stances, reflecting the view that Coeur Mining is fully or fairly valued relative to current production, cost profile, and execution risks.
Modest reductions in some price targets underscore concerns that expectations may be running ahead of fundamentals, particularly if commodity prices or operational performance soften.
With the stock trading closer to revised target prices, more cautious analysts see limited margin for error on project delivery, exploration success, and maintaining cost discipline.

What's in the News

Coeur reported strong third quarter 2025 operating results, with gold production rising to 111,364 ounces from 94,993 ounces a year earlier and silver output increasing to 4.8 million ounces from 3.0 million ounces, underscoring meaningful year over year growth in volumes (company announcement of operating results).
The company refined its full year 2025 production guidance, nudging the midpoint for gold output up about 1% to 415,250 ounces while trimming the silver midpoint about 2% to 18.1 million ounces, reflecting confidence in gold performance and a more measured outlook for silver (corporate guidance update).
Coeur completed a $7.33 million share repurchase program, buying back 668,200 shares, or roughly 0.1% of shares outstanding, signaling management’s willingness to return capital to shareholders alongside its growth investments (buyback tranche update).
At its Palmarejo complex in Mexico, Coeur launched its largest exploration program since 2012, with around 68,000 meters of planned drilling aimed at expanding resources along the Hidalgo Corridor, Independencia Sur and new East Palmarejo targets to support long term mine life extensions (Palmarejo exploration update).
New discoveries and step out drilling at San Miguel, La Unión and the emerging Camuchín–Escondida trend in East Palmarejo are confirming high grade gold and silver mineralization and highlighting substantial untapped district scale potential outside the Franco Nevada gold stream area of interest (East Palmarejo exploration results).

Valuation Changes

Fair Value Estimate: Unchanged at 20.86, indicating no revision to the intrinsic value assessment.
Discount Rate: Risen slightly from 8.10 percent to 8.16 percent, reflecting a marginally higher required return or perceived risk.
Revenue Growth: Effectively unchanged at approximately 14.45 percent, suggesting a stable outlook for top line expansion.
Net Profit Margin: Essentially flat at about 38.07 percent, indicating no material shift in long term profitability assumptions.
Future P/E: Edged up modestly from 17.72x to 17.76x, implying a slightly higher earnings multiple embedded in the valuation.

Rising industrial and investor demand for silver and gold, along with operational improvements, position the company for strong revenue growth and margin expansion.
Exploration and asset integration efforts are set to extend mine life and underpin stable long-term production.
Greater regulatory, operational, and financial risks may constrain growth, pressure margins, and jeopardize long-term profitability and cash flow stability.

Catalysts

About Coeur Mining

Operates as a gold and silver producer in the United States, Canada, and Mexico.What are the underlying business or industry changes driving this perspective?

The company is set to benefit from anticipated sustained demand growth for silver, underpinning future topline revenue expansion, as global electrification and clean energy adoption drive higher usage of silver in solar panels, batteries, and EVs.
Persistent inflationary pressures and ongoing geopolitical uncertainty continue to bolster investor demand for gold and silver as safe-haven assets, which could lead to higher realized prices and expanded net margins for Coeur.
The successful ramp-up and integration of the Rochester expansion and Las Chispas asset are driving significant increases in silver and gold production, positioning Coeur for robust revenue and earnings growth in the near to medium term.
Strengthened operational efficiencies-reflected in declining cost applicable to sales per ounce and process improvements at key mines-are improving operating leverage and could further support margin expansion and cash generation.
Aggressive brownfield exploration and land package expansion at existing sites are likely to extend mine life and expand reserves, supporting sustained long-term production and reducing future earnings volatility.

Coeur Mining Earnings and Revenue Growth

Coeur Mining Future Earnings and Revenue Growth

Assumptions

How have these above catalysts been quantified?

Analysts are assuming Coeur Mining's revenue will grow by 12.8% annually over the next 3 years.
Analysts assume that profit margins will increase from 13.1% today to 32.3% in 3 years time.
Analysts expect earnings to reach $676.1 million (and earnings per share of $0.69) by about September 2028, up from $190.7 million today. However, there is a considerable amount of disagreement amongst the analysts with the most bullish expecting $1.1 billion in earnings, and the most bearish expecting $485 million.
In order for the above numbers to justify the analysts price target, the company would need to trade at a PE ratio of 18.8x on those 2028 earnings, down from 47.1x today. This future PE is lower than the current PE for the US Metals and Mining industry at 22.7x.
Analysts expect the number of shares outstanding to grow by 7.0% per year for the next 3 years.
To value all of this in today's terms, we will use a discount rate of 7.37%, as per the Simply Wall St company report.

Coeur Mining Future Earnings Per Share Growth

Risks

What could happen that would invalidate this narrative?

Expectations for higher regulatory and permitting hurdles, especially highlighted by the multi-year Silvertip development process and emphasis on not cutting corners, may extend lead times for new asset development and expansion, potentially delaying growth projects and revenue realization.
The company's reliance on existing reserves and need for ongoing infill and expansion drilling to maintain or extend mine life, especially at Las Chispas and other key assets, presents a risk of production declines should exploration fail to replace depletion, which could negatively impact long-term revenue and earnings stability.
Exposure to currency fluctuations (e.g., significant impact of the strong Mexican peso on costs and taxation) introduces cost volatility and could erode net margins if adverse foreign exchange moves persist.
Coeur's high capital intensity, as seen in substantial investments at Rochester and Las Chispas as well as legacy acquisition-related amortization and deferred tax liabilities, may pressure cash flows and lead to higher non-cash expenses, reducing reported net income over time.
Regional and jurisdictional risks, including potential resource nationalism, changing tax regimes, and environmental permitting delays in the U.S., Mexico, and Canada, could increase operating costs, cause project delays, or disrupt production, all of which would impact long-term profitability and cash flow.

Valuation

How have all the factors above been brought together to estimate a fair value?

The analysts have a consensus price target of $13.083 for Coeur Mining based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $14.5, and the most bearish reporting a price target of just $12.0.
In order for you to agree with the analyst's consensus, you'd need to believe that by 2028, revenues will be $2.1 billion, earnings will come to $676.1 million, and it would be trading on a PE ratio of 18.8x, assuming you use a discount rate of 7.4%.
Given the current share price of $13.97, the analyst price target of $13.08 is 6.8% lower. The relatively low difference between the current share price and the analyst consensus price target indicates that they believe on average, the company is fairly priced.
We always encourage you to reach your own conclusions though. So sense check these analyst numbers against your own assumptions and expectations based on your understanding of the business and what you believe is probable.

Have other thoughts on Coeur Mining?

Create your own narrative on this stock, and estimate its Fair Value using our Valuator tool.

Create Narrative

How well do narratives help inform your perspective?

Disclaimer

AnalystConsensusTarget is a tool utilizing a Large Language Model (LLM) that ingests data on consensus price targets, forecasted revenue and earnings figures, as well as the transcripts of earnings calls to produce qualitative analysis. The narratives produced by AnalystConsensusTarget are general in nature and are based solely on analyst data and publicly-available material published by the respective companies. These scenarios are not indicative of the company's future performance and are exploratory in nature. Simply Wall St has no position in the company(s) mentioned. Simply Wall St may provide the securities issuer or related entities with website advertising services for a fee, on an arm's length basis. These relationships have no impact on the way we conduct our business, the content we host, or how our content is served to users. The price targets and estimates used are consensus data, and do not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that AnalystConsensusTarget's analysis may not factor in the latest price-sensitive company announcements or qualitative material.

CDE: Expanded Exploration And Production Will Drive Future Share Performance