Make Kitco Your Homepage

Mining News

BofA turns bearish on SSR Mining in a bullish Street

Kitco News

** U.S.-listed shares of SSR Mining fall 1.3% to $11.50 premarket

** BofA Global Research double-downgrades to "underperform" from "buy"; the only bearish rating in Wall Street

** BofA sees co's gold equivalent ounce (GEO) production to fall 13% YoY in FY24, compared to an average 4% growth in co's peers

** Expects free cash flow to be "well-below" peers, limiting co's ability to deliver return on capital in near to medium term

** Believes higher cost outlook and lower cash flow to limit stock price upside, that is trading at a premium to mid-term gold producer peers

** Cuts PT on stock to $12.50 from $17, still representing an upside of 7.3% to co's last close

** Of seven analysts covering stock, 6 say "buy" and 1 says "hold"; median PT stands at $19.75

** Stock down 25.7% YTD as of last close (Reporting by Purvi Agarwal in Bengaluru)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.