Canaccord Genuity has launched coverage of Americas Gold and Silver Corporation (NYSE: USAS), issuing a Buy rating and setting a price objective of Cdn$17.00. At the time of the note, the shares trade at $5.95, with a market capitalization of $1.75 billion and a reported price-to-earnings ratio of 8.77.
Americas Gold and Silver is a silver-focused producer with operations split between the United States and Mexico - specifically the Galena Complex in Idaho's Silver Valley and the Cosalá Complex in Sinaloa, Mexico.
Canaccord's Cdn$17.00 target is underpinned by a valuation methodology that applies a 1.00x fully risked net asset value (NAV), with that NAV referenced to January 1, 2027. Using the analyst valuation, the stock is trading at 0.65x of a Cdn$16.60 per-share NAV. For comparison, Canaccord cites a 0.67x average for junior and intermediate precious metals peers and a 1.14x average for the silver-linked peer group.
According to Canaccord, a target multiple of 1.0x NAV implies a modest discount relative to the silver-linked peer group. The firm frames the valuation as where the equity could trade in roughly 12 months, assuming management progresses through optimization and the ramp-up phases at the Galena operation.
The Buy recommendation rests in part on a 57% implied return from the then-current market price to the Cdn$17.00 target. Canaccord's projection takes the company's near-term operational program into account but bases the target on the stated NAV multiple rather than on immediate earnings improvements.
Independent comment within the coverage notes that analysts, per InvestingPro Tips, do not expect the company to be profitable this year. For investors seeking additional detail, a comprehensive Pro Research Report on USAS is available, and the note highlights that USAS is among more than 1,400 U.S. equities covered by that research service.
Recent company results present a mixed operational picture. Americas Gold and Silver reported Q3 2025 results that missed expectations: an earnings per share figure of -$0.06 versus a forecast of $0.01, and revenue of $30.6 million compared with an anticipated $37 million. Those headline misses contrast with production gains reported for 2025.
H.C. Wainwright, another analyst house noted in the coverage, increased its price target for Americas Gold and Silver to $9.75 from $4.90 while keeping a Buy rating in place. That adjustment was tied to strong production in 2025, when the company produced approximately 2.7 million ounces of silver, a year-over-year increase of 52%.
The Cosalá operation contributed materially to that production growth, delivering a record 1.2 million ounces of silver in 2025, including a fourth-quarter quarterly record of 463,000 ounces. Canaccord's coverage highlights these operational developments as part of the case for valuation upside as production capacity improves.
Investors weighing the Canaccord initiation will need to balance the upside implied by the NAV-based target against recent quarterly earnings and revenue misses, and the market's current multiple relative to peers. The analyst note emphasizes timing - the target assumes management will be well into Galena's optimization and ramp-up within the next 12 months.