First Majestic: Closer To Fair Value (Upgrade To Hold)

First Majestic Silver Corp. is upgraded to Hold, reflecting a now fair valuation and improved operational outlook amid continued gold and silver demand. AG's production guidance has increased, with gold output expected up 30% through 2028 and Jerritt Canyon's restart accelerating gold growth potential. The valuation premium has deflated; at 8x EV/EBITDA, AG's YE27 price target is $21, offering little near-term upside versus consensus. Key AG risks include silver price volatility, rising costs, and execution on throughput expansions and Jerritt Canyon's pre-feasibility study.