UBS Maintains Buy on SSR Mining, Lowers Price Target to $39
UBS analyst George Eadie maintains SSR Mining (NASDAQ:SSRM) with a Buy and lowers the price target from $41 to $39.
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RBC Capital Maintains Outperform on SSR Mining, Raises Price Target to $43
RBC Capital analyst Josh Wolfson maintains SSR Mining (NASDAQ:SSRM) with a Outperform and raises the price target from $39 to $43.
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Shares of precious metals-related companies are trading lower after stronger-than-expected inflation data boosted expectations for a Federal Reserve rate hike in October. Gold and silver prices are declining amid a stronger U.S. dollar and rising Treasury yields, which make non-yielding precious metals less attractive to investors.
Why SSR Mining Stock Dropped Today
SSR Mining announced the acquisition of Canadian gold miner Roxmore Resources for $464 million in cash. The deal will allow SSR to operate the Converse Project and Marigold Complex as a single contiguous asset, potentially reducing operating costs by $200 million annually and adding 150,000-170,000 ounces to annual gold production. Despite the strategic benefits, SSR Mining stock dropped 7.8% as the complex transaction and cash drain may have concerned investors in the near term.
SSR Mining shares are trading lower after agreeing to buy Roxmore Resources for C$6.75 per share in cash, plus spin-off shares, as its Nevada project targets initial production in 2033 and requires $800 million-$900 million to build.