Benzinga - by Priya Nigam, Benzinga Staff Writer.
Shares of SSR Mining Inc (NASDAQ: SSRM) continued to decline in earlier trading on Tuesday, after joining other stocks that ended the premarket session in the red.
Risks to the stock have increased again after the environmental permits of the company’s Copler mine in eastern Turkey were revoked, according to RBC Capital Markets.
The SSR Mining Analyst: Michael Siperco downgraded the rating for SSR Mining from Sector Perform to Underperform, while lowering the price target from $6 to $3.
The SSR Mining Thesis: The company has also confirmed that several employees at Copler have been charged in relation to the incident, Siperco said in the downgrade note.
Check out other analyst stock ratings.
“While an extended shutdown was expected (and reflected in the initial 50% discount we applied to Copler) the updates in our view reduce the prospect of SSRM realizing value from the mine, or obtaining construction permits for Hod Maden in Turkey,” the analyst wrote.
“Our revised estimates see ~40% annualized lower production through 2026, and ~55% lower production in 2027, when higher production was previously guided to at both Copler/Hod Maden,” he added.
SSRM Price Action: Shares of SSR Mining had declined by 7.10% to $4.56 at the time of publication Tuesday.
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Latest Ratings for SSRM
| Sep 2020 | Scotiabank | Upgrades | Sector Perform | Sector Outperform |
| Jul 2020 | Canaccord Genuity | Upgrades | Hold | Buy |
| May 2020 | B. Riley Securities | Maintains | Buy |
View the Latest Analyst Ratings
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