Canadian Imperial Bank of Commerce Forecasts Strong Price Appreciation for Silver Standard Resources (NASDAQ:SSRM) Stock

Key Points

• Canadian Imperial Bank of Commerce raised SSRM’s price target from $48 to $50 and maintained an “outperformer” rating, implying 46.86% potential upside from the $34.05 share price.
• Analyst sentiment remains positive, with one Strong Buy, eight Buy, and two Hold ratings; the consensus rating is “Moderate Buy” with an average target price of $42.80.
• SSRM reported quarterly EPS of $0.66, slightly below the $0.67 estimate, while revenue of $443.8 million also missed analyst expectations of $483.84 million.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its target price boosted by Canadian Imperial Bank of Commerce from $48.00 to $50.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an "outperformer" rating on the basic materials company's stock. Canadian Imperial Bank of Commerce's price objective points to a potential upside of 46.86% from the company's current price.

Several other brokerages have also recently issued reports on SSRM. UBS Group lowered their target price on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada raised their price target on shares of Silver Standard Resources from $39.00 to $43.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 16th. Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Bank of America dropped their price objective on shares of Silver Standard Resources from $41.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Finally, Weiss Ratings raised shares of Silver Standard Resources from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Silver Standard Resources has a consensus rating of "Moderate Buy" and a consensus target price of $42.80.

Silver Standard Resources Stock Performance

Shares of SSRM stock traded up $0.78 on Monday, reaching $34.05. 1,401,761 shares of the company were exchanged, compared to its average volume of 3,431,156. Silver Standard Resources has a 1 year low of $18.19 and a 1 year high of $39.44. The business has a 50-day moving average price of $33.97 and a 200 day moving average price of $31.05. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 30.98, a P/E/G ratio of 6.94 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%.The firm had revenue of $443.80 million during the quarter, compared to analyst estimates of $483.84 million. As a group, equities analysts anticipate that Silver Standard Resources will post 3.87 earnings per share for the current year.

Silver Standard Resources Company Profile

Silver Standard Resources Inc was a precious-metals mining company focused on the acquisition, development and operation of silver and gold properties. The company produced silver and gold concentrates and worked to advance exploration and development projects in the Americas and other mining jurisdictions.

In 2017, Silver Standard Resources merged with Claude Resources Inc and changed its name to SSR Mining Inc The combined company expanded its portfolio to include the Seabee gold operation in Saskatchewan, Canada, and the Marigold gold mine in Nevada, while continuing to develop and operate precious-metals assets in Latin America.

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