MAG Silver Corp. (MAG:TSX; MAG:NYSE American) had its price target raised 17% by ROTH Capital Partners, to reflect the value of Pan American Silver Corp.'s (PAAS:TSX; PAAS:NASDAQ) acquisition offer to the Vancouver-based silver producer, reported Joe Reagor, managing director and senior research analyst, in a June 30 research note.
"We base our price target for MAG on the current prorated value of PAAS' offer," Reagor explained. "Based on PAAS' current share price of US$28.01 per share, we estimate a prorated value per MAG share of US$20.59. We round this up to reach our price target of US$21."
New Target Surpassed
This new target is up from ROTH's previous target of US$18 per share, noted Reagor. At the time of his report, the Canadian silver company was trading at about US$21.13, slightly higher than ROTH's new higher target.
MAG remains rated Neutral.
The company has a 103.46 million shares outstanding. Its market cap is US$2.1 billion. Its 52-week range is US$11.58–21.63 per share.
Price Estimates Uplifted
Reagor presented ROTH's increased forecasts for silver and gold prices for the rest of this year, for 2026 and for the long term. For silver, ROTH's new 2025 forecasts are US$33.22 per ounce (US$33.22/oz), previously US$31, in Q2/25; US$35.50, previously US$27.65, in Q3/25; and US$35, previously US$27.06, in Q4/25.
ROTH now sees silver dropping in 2026, with a high of US$32.50/oz, previously US$27.06. Long term, ROTH estimates the silver price will retreat even further to US$31.50 from US$27.06.
Regarding gold this year, ROTH expects the price to reach US$3,294/oz in Q2/25, previously US$3,100; peak at US$3,300 versus US$2,350 previously in Q3/25; and fall back to US$3,150 versus US$2,300 in Q4/25.
Next year, ROTH predicts a US$2,863/oz price instead of its US$2,300 estimate before. Long term, ROTH forecasts silver to retreat to US$2,750 versus US$2,300 previously.
"While our updated gold and silver price forecasts had a positive impact on our estimates for MAG, this update has no direct impact on our valuation," noted Reagor.
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Important Disclosures:
- MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for ROTH Capital Partners, MAG Silver Corp., June 30, 2025
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis
Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month. Distribution of IB Services Firmwide IB Serv./Past 12 Mos. as of June 30, 2025 Rating Count Percent Count Percent Buy [B] 370 78.06 117 31.62 Neutral [N] 85 17.93 5 5.88 Sell [S] 0 0.00 0 0 Under Review [UR] 19 4.01 1 5.26 Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.
