SSR Mining's (SSRM.TO) price target has been increased to US$8 from US$5.50 while its stock rating was upgraded to Sector Perform from Underperform, RBC Capital Markets said in a Wednesday note.

RBC said the upgrade is based on its view that rising prices and cash flow from the portfolio (now including Cripple Creek & Victor ahead of expected deal close in Q1 2025, 20% of NAV) limit downside, even as the bank continues to model no value/production for the company's Turkish assets, including the Copper mine

"The key question for the stock remains Copler, however, and the ultimate outcome in Turkey," RBC said. "We have no further information as to a specific outcome, total costs, or potential timeline to a restart, which informs our lower target multiples vs. peers and our Sector Perform rating."

Despite the better outlook and potential upside, RBC thinks investors need more clarity on the outcome in Turkey before getting more comfortable with the valuation and outlook.

"A positive outcome (vs. our assumptions) could lead us to revise our thesis, as could incremental visibility into upside at other operations," RBC said.

SSR's share price jumped 14% at last look to $13.37 on the TSX.