Coeur Mining Inc. (CDE:NYSE) released its Q3/25 results, reported Cantor Fitzgerald Analyst Mike Kozak in an October 30 research note. Cantor raised its target price by 31% on the precious metals producer and downgraded its rating.
"We characterize Coeur's Q3/25 results as a neutral on balance, with earnings per share (EPS) and cash flow per share (CFPS) coming in mixed versus consensus but well ahead of our estimates and production and cash costs tracking in line with refined 2025 guidance," Kozak wrote.
Share Price Exceeds Revised Target
Cantor's new target price on Coeur is US$16 per share, up from US$12.25 previously, reported Kozak. The new target resulted from one, Cantor incorporating the Q3/25 results into its model, and two, increasing its equally blended target multiple to 2.25x net asset value per share from 1.75x and to 22.5x 2026E CFPS, tracking the peer group, from 17.5x.
At the time of Kozak's report, the miner was trading at US$18.25 per share, above Cantor's target price.
Also, Cantor changed its rating on Coeur to Hold from Buy because it viewed CDE as fully and fairly valued after a +208% year-to-date run-up.
The company has 642.2 million shares outstanding. Its market cap is US$11.7 billion, and its 52-week range is US$4.58–23.62 per share.
Production: Silver, Gold Higher QOQ
During Q3/25, Coeur produced 4,800,000 ounces of silver (4.8 Moz of Ag), up 1% quarter over quarter (QOQ). Silver production fell 3% short of Cantor's estimate. Total silver produced during Q1/25, Q2/25 and Q3/25 was 13.2 Moz, suggesting Coeur will meet revised guidance for full-year 2025 (FY25) of 17.1–19.2 Moz of Ag, previously 16.7–20.3.
The company produced 111,400 ounces of gold (111.4 Koz of Au) during Q3/25, reflecting a 3% increase QOQ and beating Cantor's estimate by 4%. Total Q1/25–Q3/25 gold production was 306.6 Koz, also indicating Coeur will achieve updated FY25 guidance of 392.5–438 Koz, previously 380–440.
Costs: Silver Up, Gold Down
Coeur's Q3/25 consolidated silver cash cost was US$14.95 per ounce (US$14.95/oz), up 12% QOQ and 1% higher than Cantor's estimate. Between Q1/25 and Q3/25, the average silver cash cost was US$14.23/oz. This is consistent with Coeur reaching adjusted FY25 guidance of US$14.01–15.22/oz Ag, previously US$13.97–15.35.
The Q3/25 consolidated gold cash cost was US$1,215/oz, down 4% QOQ but 10% higher than Cantor's estimate. The average gold cash cost between Q1/25 and Q3/25 was US$1,264/oz. This tracks with the revised FY25 guidance of US$1,236–1,328/oz, previously US$1,240–1,406/oz.
EPS, CPS Results Mixed
Coeur's Q3/25 headline EPS came in at US$0.41. Adjusted EPS was US$0.23, lower than consensus' US$0.26 estimate but higher than Cantor's US$0.15 prediction.
CFPS, before changes in working capital, was US$0.37, consistent with consensus' US$0.36 forecast and higher than Cantor's US$0.28 estimate.
Financial Status at Q3/25E
Coeur ended the third quarter with US$266 million (US$266M) in cash, US$364M in debt and US$400M in undrawn borrowing capacity.
"Coeur is well capitalized with total balance sheet liquidity of US$665M," Kozak wrote.
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Disclosures for Cantor Fitzgerald, Coeur Mining Inc., October 30, 2025
The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Cantor Fitzgerald Canada Corporation, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Cantor Fitzgerald Canada Corporation, a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald USA., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald USA. Non US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.
Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which is generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Disclosures as of October 30, 2025 Cantor has not provided investment banking services or received investment banking related compensation from Coeur Mining, Inc. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Coeur Mining, Inc. The analyst responsible for this report has not visited the material operations of Coeur Mining, Inc. Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein. Definitions of recommendations BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months. BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk. HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed. Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.
