Hochschild Mining (HOC)

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Share Price:
640.00p
Market Cap:
£3,292.53m
Change Today:
42.00p
Sector:
Mining

Berenberg raises target price on Hochshild Mining following 'stable' Q3 production report

By Iain Gilbert

Date: Thursday 23 Oct 2025

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on silver and gold miner Hochschild Mining from 380p to 400p on Thursday following the group's "stable" third quarter production report.
Berenberg said Hochschild's gold and silver production broadly met its forecasts, although sales lagged due to a deliberate $40m product inventory/receivables build at San José in Argentina, to protect against a potential currency devaluation following the Argentine mid-term elections on 26 October.

Guidance for 2025 production and unit costs was maintained as its Mara Rosa asset, in Brazil, continued its turnaround, with limited output in Q3.

Overall, the German bank said Hochschild's Q3 was "fairly stable", and while the company's Argentina exposure "remains a source of uncertainty", it noted that San José contributes only 7% of its net asset value.

The stock, on which Berenberg has a 'hold' rating, closed down 3.8% on the day of release amid a broader selloff in gold miners.

"We update our model to account for the results and factor in Hochschild's stake in the Volcan gold project in Chile (expected by the company to list in Toronto via Tiernan Gold in November, with Hochschild retaining 87% ownership). Our NAV increases by 5%, which lifts our price target to 400p," said Berenberg, which also noted Hochschild shares were currently trading on 0.86x NAV and 3.3x 2026 underlying earnings.





Reporting by Iain Gilbert at Sharecast.com

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

HOC Market Data

Currency UK Pounds
Price 640.00p
Change Today 42.00p
52 Week High 795.00p
52 Week Low 272.60p
Volume 3,170,100
Shares Issued 514.46m
Market Cap £3,292.53m

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