The Coeur D'Alene, ID-based mining company is engaged in discovering, acquiring, developing and producing silver, gold, lead and zinc.
The higher price target comes after the miner reported its 2015 fourth quarter results on Tuesday.
The biggest event out of the earnings release was the approval to develop the East Mine Crown Pillar pit at Casa Berardi, the firm noted.
"The new production plan brings forward 153oz over 5.5 years, with a total capital budget of $39 million... we expect the market may not immediately ascribe full value to the expansion as the company continues to work towards stabilizing production at the mine," BMO Capital said in an analyst note.
Shares of Hecla Mining closed at $2.49 on Wednesday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by multiple weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HL