EXK - Endeavour Silver: Still Close To Fully Valued Even After Recent Decline

• Endeavour Silver is one of the better-performing precious metals names this year, up 17% vs. a negative return for its benchmark.
• This strength is likely attributed to the company's improving operations across the board, and the fact that margins have expanded considerably with the silver price finding a floor near $24.00/oz.
• However, while some investors might assume the stock is cheap after the recent 20% decline, I still don't see any margin of safety in the stock.
• A rising silver tide will lift all boats and could continue to push Endeavour, but I would view any rallies above $7.65 before year-end as selling opportunities.

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