Scotiabank Rates Sunshine Silver Mining & Refining (SSMR) buy

Scotiabank analyst Eric Winmill reaffirmed a buy rating on Sunshine Silver Mining & Refining Company (NYSE: SSMR) on June 29, 2026. The firm kept its price target at $20.00, suggesting the stock has plenty of room to run from its current levels. This move comes as the company continues to develop its primary mining assets in Idaho.

The Gap Between Price and Target

The $20.00 price target sits well above where the stock is currently trading. On Wednesday, shares of Sunshine Silver were priced at $13.22. This creates a wide gap between the market's current valuation and the analyst's expectations. If the stock were to reach Scotiabank's target, it would represent a gain of roughly 51%. The company's 52-week trading range spans from a low of $12.51 to a high of $19.61, meaning the current price is lingering near its lowest point of the past year.

Analysts Set New Price Targets

Scotiabank isn't the only firm keeping a close eye on the mining company. Several other analysts weighed in on June 29, 2026. Morgan Stanley started coverage with an overweight rating and a $23.00 price target, while Citigroup initiated a buy rating with an $18.00 target. BMO Capital also joined the conversation that day with an outperform rating and a $16.50 target. Later in the year, on October 7, 2026, Morgan Stanley maintained its overweight rating but lowered its target from $23.00 to $20.00. Across six different analysts, the average price target for the stock stands at $19.50.

Recent Financial Performance

Sunshine Silver reported revenue of $425,345 for its most recent period. The company is currently in an exploration and development phase, so it isn't yet profitable. It reported a loss of $0.37 per share. Because of these losses, the company does not have a meaningful P/E ratio, though its forward P/E is listed at -60.94. The company's balance sheet appears conservative, with a debt-to-equity ratio of 0.072. The company is expected to release its next set of financial results on November 11, 2026.

Exploring the Sunshine Complex

Sunshine Silver Mining & Refining focuses on finding and developing mineral deposits in the United States, specifically silver and copper. Its main project is the Sunshine Complex, a massive area covering over 9,500 hectares in Idaho's Silver Valley. This region has a long history of mining, and the company's work there is the primary driver of its valuation. Founded in 2010 and based in Kellogg, Idaho, the company operates with a small team of about 95 employees.

Looking Toward November

With the stock trading just above its 52-week low, the focus for many will be on the upcoming earnings report on November 11, 2026. Analysts are watching to see how development at the Sunshine Complex progresses and whether the company can move closer to the targets set by firms like Scotiabank and Morgan Stanley. For now, the consensus remains positive among the firms following the stock, with a general recommendation to buy.