Coeur Mining Inc. (CDE:NYSE) released its Q3/25 results, reported Cantor Fitzgerald Analyst Mike Kozak in an Oct. 30 research note. Cantor raised its target price by 31% on the precious metals producer and downgraded its rating.
"We characterize Coeur's Q3/25 results as a neutral on balance, with earnings per share (EPS) and cash flow per share (CFPS) coming in mixed versus consensus but well ahead of our estimates and production and cash costs tracking in line with refined 2025 guidance," Kozak wrote.
Share Price Exceeds Revised Target
Cantor's new target price on Coeur is $16 per share, up from $12.25 previously, reported Kozak. The new target resulted from, one, Cantor incorporating the Q3/25 results into its model and two, increasing its equally blended target multiple to 2.25x net asset value per share from 1.75x and to 22.5x 2026E CFPS, tracking the peer group, from 17.5x.
At the time of Kozak's report, the miner was trading at $18.25 per share, above Cantor's target price.
Also, Cantor changed its rating on Coeur to Hold from Buy because it viewed CDE as fully and fairly valued after a +208% year-to-date run-up.
The company has 642.2 million shares outstanding. Its market cap is $11.7 billion, and its 52-week range is $4.58–23.62 per share.
Production: Silver, Gold Higher QOQ
During Q3/25, Coeur produced 4,800,000 ounces of silver (4.8 Moz of Ag), up 1% quarter over quarter (QOQ). Silver production fell 3% short of Cantor's estimate. Total silver produced during Q1/25, Q2/25 and Q3/25 was 13.2 Moz, suggesting Coeur will meet revised guidance for full-year 2025 (FY25) of 17.1–19.2 Moz of Ag, previously 16.7–20.3.
The company produced 111,400 ounces of gold (111.4 Koz of Au) during Q3/25, reflecting a 3% increase QOQ and beating Cantor's estimate by 4%. Total Q1/25–Q3/25 gold production was 306.6 Koz, also indicating Coeur will achieve updated FY25 guidance of 392.5–438 Koz, previously 380–440.
Costs: Silver Up, Gold Down
Coeur's Q3/25 consolidated silver cash cost was $14.95 per ounce ($14.95/oz), up 12% QOQ and 1% higher than Cantor's estimate. Between Q1/25 and Q3/25, the average silver cash cost was $14.23/oz. This is consistent with Coeur reaching adjusted FY25 guidance of $14.01–15.22/oz Ag, previously $13.97–15.35.
The Q3/25 consolidated gold cash cost was $1,215/oz, down 4% QOQ but 10% higher than Cantor's estimate. The average gold cash cost between Q1/25 and Q3/25 was $1,264/oz. This tracks with the revised FY25 guidance of $1,236–1,328/oz, previously $1,240–1,406/oz.
EPS, CPS Results Mixed
Coeur's Q3/25 headline EPS came in at $0.41. Adjusted EPS was $0.23, lower than consensus' $0.26 estimate but higher than Cantor's $0.15 prediction.
CFPS, before changes in working capital, was $0.37, consistent with consensus' $0.36 forecast and higher than Cantor's $0.28 estimate.
Financial Status at Q3/25E
Coeur ended the third quarter with $266 million ($266M) in cash, $364M in debt and $400M in undrawn borrowing capacity.
"Coeur is well capitalized with total balance sheet liquidity of $665M," Kozak wrote.
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