First Majestic announces $30M forward sale contract on lead production First Majestic (AG) announced that it has entered into a $30M forward sale contract with Bank of America (BAC) Merrill Lynch on a portion of the company's future lead production. The company executed this forward sale contract for 15,911.3 metric tonnes of lead at a fixed price of $0.945 per pound for total proceeds of $30M. The contract term is valid from April to September 2017, with a six-month repayment holiday from April to September. The forward sale contract is financially settled from the sale of lead from any of First Majestic's operations and represents approximately 35% of the company's total estimated future lead production over this period. The purpose of this prepayment contract is to fund the Company's continuing expansion plans and for general working capital.
Morgan Stanley upgraded to Buy from Neutral at BofA/Merrill BofA/Merrill upgraded Morgan Stanley to Buy citing an attractive risk/reward following the recent pullback in shares. The firm keeps a $35 price target for the stock.
Citigroup upgraded to Outperform from Market Perform at Bernstein Bernstein upgraded Citigroup to Outperform following the bank's better than expected Q1 results and raised its price target for the stock to $57 from $52.