Gold is down by 0.35% to $1,243 per ounce and silver is declining by 0.53% to $16.36 per ounce, CNBC reports this morning.
Investors are moving ahead cautiously as precious metals prices failed to sustain their two-week highs, but did manage to hold near, Reuters reports.
Yesterday, the Federal Reserve announced there will be a delay in the interest rate increase, due to a recent poor U.S. job report for the month of May. Gold and silver prices had been climbing on the prospects of a rate hike, as foreign traders were driven to buy into the precious metals which do not offer a yield.
Meanwhile, this morning, Deutsche Bank increased its price target on the stock to $13 from $10.50 and maintained its "hold" rating.
"We visited Pan American Silver's key assets, Dolores and La Colorada, in Mexico. Both assets are undergoing expansions," Deutsche Bank analysts said in an investor note, explaining why they adjusted the stock's price target.
Vancouver-based Pan American Silver is engaged in the production and sale of silver, gold and base metals. Its primary product, silver, is produced in Peru, Mexico, Argentina and Bolivia.
Separately, TheStreet Ratings rated Pan American Silver as a "hold" with a score of C-.
The primary factors that have impacted this rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and compelling growth in net income.
However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including weak operating cash flow and poor profit margins.
You can view the full analysis from the report here: PAAS
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.