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 $28.01 per share, we estimate a prorated value per MAG share of $20.59. We round this up to reach our price target of $21."
New Target Surpassed
This new target is up from ROTH's previous target of $18 per share, noted Reagor. At the time of his report, the Canadian silver company was trading at about $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 $2.1 billion. Its 52-week range is $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 $33.22 per ounce ($33.22/oz), previously $31, in Q2/25; $35.50, previously $27.65, in Q3/25; and $35, previously $27.06, in Q4/25.
ROTH now sees silver dropping in 2026, with a high of $32.50/oz, previously $27.06. Long term, ROTH estimates the silver price will retreat even further to $31.50 from $27.06.
Regarding gold this year, ROTH expects the price to reach $3,294/oz in Q2/25, previously $3,100; peak at $3,300 versus $2,350 previously in Q3/25; and fall back to $3,150 versus $2,300 in Q4/25.
Next year, ROTH predicts a $2,863/oz price instead of its $2,300 estimate before. Long term, ROTH forecasts silver to retreat to $2,750 versus $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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