First Majestic jumps as TD Cowen upgrades rating to 'buy'

Shares of Canada-based miner First Majestic AG.TO up ~11% at C$19.60

TD Cowen upgrades rating to "buy" from "hold"; raises PT to C$22 from C$14

The new price target represents a 24.3% upside to the stock's last close

Brokerage says it upgraded AG on improving fundamentals backed by new discoveries and planned expansion at Santa Elena and Gatos supporting strong leverage to higher silver price

Brokerage views the Gatos asset constructively, with ramp up to targeted expansion by YE2026

"We view the exploration at Santa Elena as a key growth driver helping sustain stronger silver output, complementing the flagship Gatos asset"- brokerage

Including session's moves, stock up ~150% YTD