Summary: H.C. Wainwright increased its price target on Hecla Mining (NYSE:HL) to $36.50 from $16.50 and maintained a Buy rating, citing stronger-than-expected production and favorable silver market conditions. At a share price of $28.31, the new target is the highest among analysts covering the company, according to InvestingPro data. Hecla delivered year-over-year gains in silver and gold and recorded operational milestones that underpinned the analyst reassessment.
H.C. Wainwright's revision to a $36.50 target - a move up from $16.50 - follows Hecla's reported production performance. The company produced 17.0 million ounces of silver, a 5% increase versus the prior year, and 150,509 ounces of gold, up 6% year-over-year. Those production gains have accompanied material top-line growth: InvestingPro data show Hecla's revenue rose 45.61% over the last twelve months.
Metals output beyond precious metals also expanded. Hecla reported 56,310 tonnes of lead, up 7% year-on-year, and 68,558 tonnes of zinc, a 3% increase. The company posted a robust gross profit margin of 49.52%, a result that reflects both rising revenues and operational efficiency across its asset base.
Operational detail cited by H.C. Wainwright included record silver production at the Lucky Friday mine, where Hecla produced 5.3 million ounces of silver. That output was achieved with mill throughput averaging 1,170 tonnes per day. Greens Creek continued to be a principal contributor to consolidated results, with higher milled grades offsetting periods of lower throughput. The firm also noted that Hecla's liquid assets exceed its short-term obligations, a point that supports near-term liquidity and working-capital flexibility.
H.C. Wainwright attributed the substantial increase in its price target to a combination of stronger spot silver pricing, increased market demand for silver, and the company's operational improvements that have optimized output across its portfolio of assets. Despite those drivers, InvestingPro's analysis points out that the stock is trading at a high price-to-earnings multiple - a P/E of 91.46 - which the data platform characterizes as suggesting the shares may be overvalued at current levels.
The company's own production disclosures reinforced the message of strong operating performance. Hecla reported that its 2025 silver and gold output hit the top end of guidance, with the same figures of 17.0 million ounces of silver and 150,509 ounces of gold noted above. The Lucky Friday mine's record 5.3 million ounces of silver was specifically highlighted as a notable milestone.
In a separate corporate move, Hecla agreed to divest its Casa Berardi gold operation in Quebec to Orezone Gold Corporation in a deal valued at up to $593 million. The transaction structure includes $160 million in cash, approximately 65.7 million Orezone common shares valued at about $112 million, and additional deferred and contingent payments. The sale is expected to close in the first quarter of 2026.
Other analyst activity cited in market commentary included BMO Capital raising its price target on Hecla to $28.00 from $16.00 while maintaining a Market Perform rating. BMO's update followed fourth-quarter production that slightly missed its forecasts but nevertheless achieved 2025 guidance. Hecla is also set to join the S&P MidCap 400 Index effective December 22, 2025, reflecting its market capitalization falling within the index parameters.
For investors seeking deeper analysis, InvestingPro provides a Pro Research Report on Hecla as well as additional ProTips and financial metrics accessible via subscription. InvestingPro data were cited for comparative analyst coverage and valuation metrics used in market commentary.
Conclusion: The combination of production growth across silver, gold, lead and zinc, record output at Lucky Friday and higher milled grades at Greens Creek underpin H.C. Wainwright's substantially higher price target. Those operational improvements, together with favorable silver market dynamics, shaped the firm's bullish revision even as valuation metrics point to elevated multiples.