Rating raised to Outperform. We are establishing a price target of $5.25 per share which represents 17.5% price appreciation potential based on the recent closing price. While capital expenditures are expected to remain elevated in 2022 due to the Rochester expansion, we expect it to be completed in mid-2023 and think the current valuation will improve as it nears production.Adjusting estimates. We have lowered our 2021 and 2022 EPS estimates to $0.08 and $0.28 from $0.10 and $0.32, respectively and EBITDA estimates to $218.4 million and $249.7 million from $223.0 million and $267.4 million. Our 2021 estimates reflect modestly lower fourth quarter revenue, while 2022 estimates reflect higher operating expenses. Coeur will report fourth quarter and full-year 2021 operational and financial results after the market close on Wednesday, February 16 and will host a conference call at 11:00 a.m. ET on Thursday, February 17.Favorable growth outlook. Despite reductions to our near-term estimates, we think the current valuation offers an attractive entry point based on a favorable long-term growth outlook underpinned by the Rochester expansion. Additionally, we believe an expanded Silvertip mine, along with exploration projects in Nevada, offer appealing long-term opportunities.Catalysts for the stock. Year to date, CDE shares are down 11.3% in price. While metals prices will continue to exert influence on CDE shares, we think investors will begin to focus more on the cash flow profile of the Rochester expansion and the company’s improved growth outlook due to increased investment in exploration to upgrade and expand its resource base. Read More >>