Silver Standard Resources (NASDAQ:SSRM) Rating Increased to Sector Outperform at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce upgraded Silver Standard Resources from "neutral" to sector outperform and set a $48 price target, implying roughly 58.36% upside from the current price.
• Several other brokerages have also raised ratings (TD Cowen, National Bank Financial, Bank of America, TD Securities, BMO), leaving analysts' consensus at a Buy with an average price target of $36.00.
• Silver Standard recently beat quarterly estimates—EPS $0.88 vs. $0.59 expected and revenue $521.7M vs. $436.2M—and trades with a market cap of about $6.15B and a PE of 16.38.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO was upgraded by Canadian Imperial Bank of Commerce from a "neutral" rating to a "sector outperform" rating in a research note issued to investors on Thursday, MarketBeat reports. The brokerage currently has a $48.00 target price on the basic materials company's stock. Canadian Imperial Bank of Commerce's price target indicates a potential upside of 58.36% from the stock's current price.

SSRM has been the subject of a number of other research reports. TD Cowen upgraded Silver Standard Resources from a "hold" rating to a "buy" rating in a research report on Thursday, January 22nd. National Bank Financial raised Silver Standard Resources from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, March 4th. Bank of America upgraded Silver Standard Resources from an "underperform" rating to a "buy" rating in a report on Wednesday, March 4th. TD Securities raised Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 22nd. Finally, BMO Capital Markets raised Silver Standard Resources from a "market perform" rating to an "outperform" rating and set a $41.00 price objective on the stock in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Silver Standard Resources presently has an average rating of "Buy" and an average price target of $36.00.

Silver Standard Resources Price Performance

SSRM stock opened at $30.31 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.25 and a current ratio of 2.08. The company's fifty day moving average price is $26.44 and its 200-day moving average price is $23.57. Silver Standard Resources has a one year low of $8.65 and a one year high of $33.49. The company has a market capitalization of $6.15 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 0.50 and a beta of -0.18.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.29. The company had revenue of $521.73 million during the quarter, compared to analysts' expectations of $436.23 million. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. On average, equities analysts anticipate that Silver Standard Resources will post 0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in shares of Silver Standard Resources in the 1st quarter worth approximately $50,000. AQR Capital Management LLC raised its holdings in Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock valued at $863,000 after buying an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Silver Standard Resources by 96.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company's stock worth $4,113,000 after buying an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Silver Standard Resources by 27.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock worth $24,895,000 after buying an additional 529,035 shares during the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

Silver Standard Resources Company Profile

Silver Standard Resources Inc NASDAQ: SSRM is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.

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