The Globe and Mail reports in its Tuesday, Dec. 9, edition that National Bank Financial analyst Alex Terentiew is sticking with his "outperform" ranking of Endeavour Mining. The Globe's David Leeder writes in the Eye On Equities column that Mr. Terentiew lowered his share target to $18 from $19. Analysts on average target the shares at $14.81. Mr. Terentiew believes Endeavour is now in a "very strong" cash position after announcing a $350-million (U.S.) unsecured convertible senior notes offering due 2031, positioning it well to fund the development of its Pitarrilla project in Mexico with future free cash flows. Mr. Terentiew says in a note: "We continue to view Endeavour Silver as our 'Top Pick' within the silver coverage universe due to its relatively discounted valuation, peer-leading growth profile, and expected transition to a state of positive FCF through the ramp-up of Terronera. With the start-up of Terronera now largely in the rearview mirror, we believe management will turn its focus to FCF harvesting, potential capital return programs and the development of Pitarrilla, which has the potential to be the company's largest operation. We continue to view Endeavour as a top pick within the silver sector."