BUZZ-Pan American Silver Corp: TD Securities downgrade

Wed Sep 24, 2014 8:02am EDT
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** Canadian miner's U.S.-listed shares down 1.5 pct at $11.99 premarket

** TD Securities analysts downgrade stock to "hold" from "buy", citing recent decline in silver prices

** If silver prices do not rebound, company's balance sheet may erode quickly and its growth prospects may be muted, they say

** Cut price target to $15 from $19

** Up to Tuesday, silver prices shed 20.88 pct to average $17.74 an ounce over the last three months

** Up to Tuesday's close, Pan American Silver's Nasdaq-listed stock had risen about 4 pct this year