The Globe and Mail reports in its Tuesday, Aug. 29, edition that CIBC World Markets analyst Cosmos Chiu has reaffirmed his "outperformer" call on Pan American Silver. The Globe's David Leeder writes in the Eye On Equities column that Mr. Chiu, in response to an update to Pan American's mineral reserves and resources estimates, lowered his Street-high share target to $30 (U.S.) from $32 (U.S.). Analysts on average target the shares at $24.75 (U.S.). Mr. Chiu says in a note: "Reserves decreased year-over-year on both an asset-by-asset and total basis (inclusive of the Yamana assets). This is somewhat expected in an acquisition year as the company restrategizes and aligns newly acquired assets into existing operations. Looking ahead, and following a good Q2, Pan American is designing drill programs across the combined portfolio with plans to complete over 480,000m of drilling in 2023, from which we foresee the possibility of upside." Mr. Chiu adds that although Pan American's results "were not as strong as expected," he is sticking with his "outperformer" recommendation. The Globe reported on Jan. 12 that RBC has boosted Pan American to "outperform" from "sector perform." The shares could then be had for $16 (U.S.).