CIBC downgrades SSR Mining on shutdown of Copler

CIBC analyst Cosmos Chiu downgraded SSR Mining to Neutral from Outperformer with a price target of $6, down from $18.50. The company indicated operations at Copler had been shut down due to a large slip at the heap leach pad, the analyst tells investors in a research note. The firm says Copler represents 45% of the net asset value of SSR. Given ongoing uncertainties around the situation at Copler, CIBC feels a better way to look at the company might be its NAV excluding Copler, which then totals $8.75 per share. Pending a clearer picture regarding the status of Copler, CIBC advises investors to take a wait-and-see approach.