Mag Silver (NYSE:MVG) Upgraded by Canaccord Genuity

Mag Silver Corp. (NYSE:MVG) was upgraded by Canaccord Genuity from "Hold" to "Buy," pushing the share price of the stock up by over 3 percent.

Canaccord said, "In our view, noise from the Juanicipio JV has obscured the work being done to uncover a potentially large silver-lead-zinc system at Cinco de Mayo. Investors should pay attention to this asset as drilling continues to look for Cinco de Mayo’s high-grade core."

Mag plunged in the middle of November, starting on the 11th through the 16th before rebounding and shooting up again.

They were trading at $10.23, rising by $0.36, or 3.65 percent at 12:54 PM EST.

The 52-week trading range for them is from $5.05 to $10.82.