J.P. Morgan Reiterates Underweight on Pan American Silver

J.P. Morgan is out with its report today on Pan American Silver

, reiterating Underweight. In its report, J.P. Morgan writes, "The company will have to achieve a slightly better H2 to meet its annual production guidance. Without much certainty on law changes for Navidad, we remain cautious on PAAS's valuation and reiterate our Underweight rating." Shares of PAAS closed Wednesday at $29.08.