The Globe and Mail reports in its Tuesday edition that National Bank analyst Don DeMarco has reaffirmed his "outperform" recommendation for Pan American Silver. The Globe's David Leeder writes in the Eye On Equities column that Mr. DeMarco gave his share target a 50-cent trim to $27.50. Analysts on average target the shares at $31. Mr. DeMarco says in a note: "Go-to name for silver exposure (21-per-cent 2024 production, 34-per-cent reserves) with robust liquidity ($75-million/d) and a material catalyst pending with the potential Escobal mine restart (NBF 2024). Pan American's extensive 11-mine, eight-country portfolio mitigates jurisdiction risk with opportunity for asset dispositions and La Arena II is among next candidates amidst favourable outlook for Cu supply/demand. Management is experienced and the balance sheet is intact with net debt of $462-million, of which $408-million are Senior notes with an attractive 2.63-per-cent coupon." The Globe reported on July 22 that Mr. DeMarco named Pan American "Top Pick," while maintaining an "outperform" rating. The shares could then be had for $24.66. The Globe reported on Dec. 12 that BMO rated Pan American "outperform" in new coverage. It was then worth $20.08.