^Price Target CAD 3.20Resuming Coverage With Buy Rating & C$3.20 Target: We are resuming coverage with a Buy rating and increasing the target price to C$3.20 Our target is based on an equal weighting of our target multiples of 1.0x NAV and 10x 2018 CF. With Platosa Now Dry the Profits Should Flow: Management has successfully fixed the water inflow problems at Platosa and with the mine now dry, we expect production to increase, costs to decline and profit margins to expand for Excellon. We like the stock for the near-term operational improvements and the exceptional leverage it provides to a rising silver price. (Morning Notes)