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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)

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