Silvercrest Metals Inc T.SIL

The reason :

[SNgu8000]

SilverCrest Metals routed on sharply lower metals prices, Stifel downgrade

2023-08-01 15:57:36 ET

SilverCrest Metals ( NYSE: SILV ) -22% in Tuesday's trading to its lowest in more than three years after it was hit with declining metals prices and an analyst downgrade.

U.S. front-month gold futures dropped 1.5% and Comex silver slumped 2.6% on Tuesday as the dollar and U.S. Treasury yields ticked higher.

Meanwhile, Stifel analyst Stephen Soock downgraded the stock to Hold from Buy cut his price target to C$8.25 from C$13, after the miner's updated technical report missed its estimates across the board largely due to a lower reserve grade and substantially higher unit costs.

Soock said additional ground support and required development pushed operating unit costs 25% above expectations and drove sustaining capex per silver equivalent oz 90% above what he had modeled.

More on SilverCrest Metals:

• Financial and valuation comparison to sector peers
• Analysis: SilverCrest Metals: A Low Cost Silver Producer
• Stock price return: Down 4% YTD, down 21.5% in the past 12 months

For further details see:

SilverCrest Metals routed on sharply lower metals prices, Stifel downgrade

Source: SeekingAlpha (August 1, 2023 - 3:57 PM EDT)

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[FastFF]

When the idiot analysts start downgrading, the bottom is near. Of course, none saw this coming, but the market did. You'll make money doing the opposite of the clueless.