CIBC Raises Silver Standard Resources Price Target to $50
Canadian Imperial Bank of Commerce (CIBC) has significantly raised its price target for Silver Standard Resources (NASDAQ: SSRM) from $48.00 to $50.00, according to a recent research note. This adjustment suggests a potential upside of 46.86% from the company's current stock price. CIBC maintains an "outperformer" rating on the basic materials company.
Other brokerages have also weighed in on Silver Standard Resources recently. UBS Group lowered its target price to $40.00, while Royal Bank of Canada increased its target to $43.00, both maintaining a "buy" or "outperform" rating. Bank of America and Weiss Ratings also adjusted their ratings and price targets, with Weiss upgrading the stock to a "hold (c+)".
Currently, SSRM has a consensus rating of "Moderate Buy" among analysts, with a consensus target price of $42.80. The stock has seen a year-high of $39.44 and a year-low of $18.19. On Monday, shares of SSRM traded up $0.78, reaching $34.05.
Silver Standard Resources reported its quarterly earnings on August 4th, missing estimates by $0.01 per share. The company had revenue of $443.80 million, falling short of analyst expectations of $483.84 million. Despite this, analysts anticipate the company will post 3.87 earnings per share for the current year.