SSR Mining May Realize Even Lower Value From Copler Mine, Says Bearish Analyst
Portfolio Pulse from Priya Nigam
SSR Mining Inc (NASDAQ:SSRM) shares declined after environmental permits for its Copler mine in Turkey were revoked. RBC Capital Markets downgraded SSRM from Sector Perform to Underperform, reducing the price target from $6 to $3. The revocation and charges against several employees at Copler are expected to significantly reduce SSRM's production through 2027.
February 20, 2024 | 5:47 pm
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SSR Mining's stock declined following the revocation of environmental permits for its Copler mine and a downgrade by RBC Capital Markets.
The revocation of environmental permits for the Copler mine and subsequent legal issues, combined with a significant downgrade by RBC Capital Markets, directly impact SSR Mining's operational capabilities and future production outlook. This series of negative events is likely to decrease investor confidence and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100