The Financial Post reports in its Friday, Sept. 2, edition that First Majestic Silver ($15.41) has become the target of short seller Kerrisdale Capital Management. The Post's Jonathan Ratner writes in the Trading Desk column that Kerrisdale, founded by Canadian Sahm Adrangi, said Thursday in a report, that the stock is "absurdly overvalued." First Majestic's silver assets are concentrated in Mexico. It has seen its shares climb nearly 250 per cent in 2016, as sentiment toward the mining sector rebounds along with precious metals prices. However, Kerrisdale believes First Majestic is "ludicrously expensive" relative to both its peers and its own history. The firm says: "This speculative frenzy has gone too far. First Majestic's valuation is now outrageously detached from reality." Kerrisdale believes there is nothing wrong with speculating on the price of silver, or expressing that view through investments in miners. However, it does not think investors need a strong view on the future price of silver to judge First Majestic's valuation. It says, "The stock is now so untethered from reality that it has become less a bet on silver than a bet on the sustainability of First Majestic's own hype."