BofA Securities Double Upgrades SSR Mining (SSRM) to Buy

BofA Securities analyst Lawson Winder upgraded SSR Mining (NASDAQ: SSRM) from Underperform to Buy with a price target of $45.50 (from $23.00).

The analyst comments "This morning, SSR Mining (SSRM) announced the sale of its 80% ownership (and operating) stake in the troubled and non-operating Çöpler gold mine in Türkiye to a local company, for $1.5 billion (bn) in cash. The mine had been closed by Turkish regulators following a fatal accident in February 2024, and since, we have assigned no value to the asset. With this sale, SSRM substantially reduces its emerging market (EM) asset exposure and transitions to a company primarily centered on developed market (DM) assets, with North America accounting for 93% of our estimated net asset value (NAV) for the company, and EM downside risk substantially reduced. To that point, SSRM also noted that it was reviewing its position in Hod Maden, a profitable exit from which we would view positively if it were to occur. We upgrade our rating to Buy from Underperform. We also increase our NAV-based price objective (PO) to $45.50 (C$62.50) per share from $23.00 (C$31.50) per share, based on a 32% increase in our NAV to $30.30 per share, and an increase in our target P/NAV multiple to 1.5x from 1.05x. The higher multiple reflects the reduced EM and increased DM exposure, particularly to North America, a top mining jurisdiction."

For an analyst ratings summary and ratings history on SSR Mining click here. For more ratings news on SSR Mining click here.

Shares of SSR Mining closed at $28.93 yesterday.

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