Pan American Silver (PAAS) Had a Better Silver Quarter. Why Did TD Cowen Cut It? Farooq Tue, November 10, 2026 at 5:23 PM EST 4 min read PAAS -9.51% ^IXIC -0.74% ^GSPC -0.38% PAAS -9.51% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
We just published a list of the 10 Stocks Analysts Just Downgraded and Pan American Silver (NYSE:PAAS) ranked 7th on this list.
Wall Street has had a rough start to November. The Nasdaq Composite fell 5.52% on November 5, its steepest one-day drop in 19 months, and slid into a correction, more than 10% below its October 6 record close. The semiconductor index lost more than 12% that day, and about $3 trillion in value was erased from S&P 500 companies.
Fear of tighter rules on AI drove much of the rout. Democratic wins in the November elections raised concerns that stricter regulation could slow the buildout of AI infrastructure, and the stocks tied to data centers took the hardest hit. Investors who had been paying up for AI growth suddenly had to ask how much of that growth could be stopped by politics.
Not everyone saw the drop as a verdict on the AI trade. Jed Ellerbroek of Argent Capital Management described the selling as a capitulation phase for data center beneficiaries, meaning forced selling that often marks a low. A Wall Street research shop, Yardeni, argued that political pushback on data centers amounts to "speed bumps, not roadblocks, even though Wall Street seems to be pricing in the latter."
The economy did not offer a cushion. Payrolls rose by 165,000 in October, far above the 65,000 to 70,000 economists expected, and the unemployment rate stood at 4.1%. That kept a December rate hike in play, and Cleveland Fed President Beth Hammack and Richmond Fed President Thomas Barkin have both hinted that higher rates could be on the table.
Our ranking of oversold AI stocks where Wall Street analysts see 50%+ upside looks at the corner of the market that sold off the most.
On Monday, strategists led by Beata Manthey cut US stocks and the global technology sector to neutral and raised European stocks outside the UK to overweight. Manthey warned that positioning in stocks "could reset lower into net-short territory." The S&P 500 had its biggest weekly loss since April 2025, which helps explain why many investors are looking for cheaper places to put money. You might also be interested in our list of affordable stocks Wall Street analysts like.
Stocks bounced back on Monday. By midday, the Dow was up about 2%, the S&P 500 about 2.3%, and the Nasdaq about 2.6%. Inflation data due later this week is the next big test for the market and for the Federal Reserve's rate path, and analysts have kept reshuffling their ratings as the numbers move.
Pan American Silver made it to our list because it has an average upside potential of 39%. TD Cowen cut Pan American Silver to Hold from Buy on November 9 and lowered its price target to C$45 from C$52. The firm's trouble spot is the Jacobina gold mine in Brazil, where seismic activity and an inspection by Brazil's mining agency have clouded the outlook. TD Cowen trimmed its Jacobina estimate to about 158,000 ounces a year through 2029.
The company's own numbers back up part of that worry. Pan American, which mines silver and gold, cut its full-year gold production guidance to 660,000 to 680,000 ounces from 700,000 to 750,000.
Silver tells a better story. Third-quarter silver output rose to 6.07 million ounces, attributable free cash flow reached $377 million, up from $256 million a year earlier, and the company returned $300 million to shareholders. Bulls lean on that cash flow and on silver, while TD Cowen is focused on gold. Investors who own the stock for silver exposure may see Jacobina as a one-mine problem, while those watching gold output see a guidance cut that could be hard to reverse. Our look at how Pan American's reserve base is growing weighs whether better mines are behind it.
While we acknowledge the risk and potential of SAP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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