Shares of Coeur Mining (NYSE: CDE) climbed as much as 10.4% early Friday, then settled to trade up 6.6% as of 3:30 p.m. ET following a notable analyst upgrade for the precious metals mining company.

In a note to clients early Friday, RBC Capital analyst Michael Siperco raised his rating on Coeur Mining shares to outperform from sector perform. The analyst also reiterated his firm's per-share price target of $4 on the stock -- a roughly 88% premium from the mining stock's close yesterday.

The timing of this call is no coincidence; Coeur Mining recently participated in RBC Capital's Global Mining and Materials Conference in mid-June 2023. And RBC analysts recently completed a tour of the company's open pit, heap leach silver-gold Rochester mine operation in Pershing County, Nevada.

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Source Fool.com