Silver Standard Resources downgraded to "neutral"

12/01/06 - UBS

NEW YORK, December 1 (newratings.com) - Analyst Craig West of UBS downgrades Silver Standard Resources Inc (SSRI) from "buy" to "neutral." The target price has been raised from $28.50 to $33.

In a research note published this morning, the analyst mentions that the company’s share price has appreciated by more than 43% since the beginning of 4Q. Silver Standard Resources’ San Luis joint venture project in Peru has delivered encouraging drill results, the analyst says. The company’s key catalysts for future growth comprise of Pirquitas, Pitarilla and San Luis, UBS adds. The upward revision in the target price reflects the San Luis joint venture and the Snowfield gold deposit in British Colombia, according to the analyst.