National Bank of Canada Initiates Coverage of Vizsla Silver As "Most Eligible Silver Bachelor"

Vizsla Silver (VZLA.TO) received an Outperform rating and C$4.75 price target at National Bank of Canada, which initiated coverage of the company on Wednesday. The bank said the price target was based on a multiple of 1.00x its NAVPS estimate of $4.71 per share or near C$1.6 billion. According to National Bank, Vizsla garnered increased prominence after recent acquisitions in the silver sector, notably Gatos Silver (GATO.TO) and SilverCrest Metals (SIL.TO), and is "one of few high quality silver names next in line for production". National Bank said its investment thesis is supported by a project ready to be advanced through the permitting; meaningful re-rating potential given single asset; low capex intensity; high-grade, high-margin, front-end loaded mine plan; and elevated FCF; and tangible exploration potential. Vizsla was trading at $2.52 per share at last look on the TSX.