Pan American Silver (PAAS.TO) retained its stock rating and price target at RBC Capital Markets and National Bank of Canada, according to notes published Thursday.

The company maintained its Outperform rating and US$28 price target at RBC while retaining its Outperform rating, Speculative, and C$45 price target at National Bank of Canada.

Pan American's silver production of 6.0 million ounces was 3% above consensus forecasts, while gold production of 224,000 ounces came in 4% below consensus estimates, RBC noted.

RBC's view is "positive", in noting stronger than expected silver production in 4Q met FY24 guidance, while gold production net of the sale of La Arena in the quarter was flat QoQ, meeting the low end of guidance. Jacobina (35% of NAV) continued to deliver, with La Colorada silver
production ramping higher ahead of 2025 guidance (expected Feb 19) when RBC forecasts 5% lower year over year gold/silver production. Key potential catalysts in 2025 include the optimization study and potential higher production from Jacobina (1H) and potential
updates from Escobal (near 15% of NAV).

National Bank said the miner remains its "go-to name" for silver exposure (with near 21% 2024 production, 34% reserves), citing its "robust" liquidity and a "material catalyst pending" with the potential Escobal mine restart. Its price target was based on 11.0x EV/EBITDA NTM.

It was up 3.1% at last look to $31.35 on the TSX.