BofA turns bearish on SSR Mining in a bullish Street

SSR Mining

20/11/2023 13:22

** U.S.-listed shares of SSR Mining  SSRM.O  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)
 ((Purvi.Agarwal@thomsonreuters.com))