Coeur Mining: A Buyable Q3 Dip, Strong Free Cash Flow Outlook

Coeur Mining maintains a "Buy" rating, with shares outperforming both gold and the S&P 500 year-to-date. CDE's Q2 results missed consensus but delivered record adjusted EBITDA and free cash flow, nearly doubling its cash balance to $1.1 billion. Despite recent profit downgrades and operational risks, CDE offers a 7.8% FCF yield and a more than 10% upside to a $22 intrinsic value target. Technicals suggest a "buy-the-dip" opportunity, with support near $17 and long-term support in the $13.50–$14 range.

Gold slipped back into the red for the year following a hawkish FOMC press conference. Fed Chair Kevin Warsh dug in his heels, suggesting that the path toward a higher policy rate is now established.