EXK - Endeavour Silver: Growth At An Unreasonable Price

• Endeavour Silver released its Q1 results this week, reporting a 26% increase in silver-equivalent-ounce production, albeit at higher costs.
• The strong performance was driven by higher production from another solid quarter at Guanacevi, and a 50% increase in output at Bolanitos.
• However, while Endeavour is on track for an earnings breakout year, the stock looks close to fully valued above $6.00, trading at more than 24x earnings estimates.
• If this strength were to continue on the back of higher metals prices, I would view rallies above $7.20 as an opportunity to book some profits.

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