The Globe and Mail reports in its Tuesday edition that RBC analyst Michael Siperco has reaffirmed his "outperform" recommendation for Pan American Silver. The Globe's David Leeder writes that Mr. Siperco gave his share target a $4 (U.S.) trim to $20 (U.S.). Analysts on average target the shares at $23.04 (U.S.). Mr. Siperco says in a note: "We have revised our estimates following 3Q23 results and updated guidance, and incorporated more conservative forecasts and asset valuations into 2024/2025. While we maintain our 'outperform' rating, we think investors need to see more evidence of execution on plan, guidance and FCF growth as well as more clarity on both the LC Skarn project (YE23) and Escobal (ongoing) before the stock can rerate higher, leading to our lower $20 target." The Globe reported on Jan. 12 that Mr. Siperco had elevated his recommendation for Pan American to "outperform" from "sector perform." The shares could then be had for $16 (U.S.). The Globe reported on Aug. 29 that CIBC analyst Cosmos Chiu rated Pan American "outperformer" when it was worth $21.98 (Canadian). The Globe reported on Oct. 24 that National Bank Financial rated Pan American "outperform." It was then worth $15.25 (U.S.).