It is no secret that the metals and mining stocks have recovered massively from their lows of the past 12 to 18 months. Some of the companies even saw their shares rise 100%, 200% or even more. According to an analyst transition coverage at Credit Suisse, there are several companies that still have considerable upside to the firm’s price targets.

Investors might take note that Credit Suisse made no formal analyst rating changes in these metals and mining stocks, but the analyst maintained the prior price targets with upside of 20% to 40% in the Outperform ratings. As a reminder, Wall Street analysts traditionally assign upside of 8% to 15% when it comes to well-established companies being given new or updated Buy and Outperform ratings.

Some of the “neutral” ratings actually have price targets under the current share price. Here are three of the Credit Suisse Outperform-rated metals and mining stocks with 20% to 40% upside to the firm’s price targets. These targets were made in Canadian dollars and the upside was converted from there with U.S.-listing consensus data following each company.

Silver Wheaton

Silver Wheaton Corp. (NYSE: SLW) was assumed with an Outperform rating at Credit Suisse. The price target conversion from Canadian dollars implied upside of almost 21% to the firm’s target price, versus a prior close of C$29.02 and target price of C$35.00. Credit Suisse’s price target is above-consensus but not the highest analyst target price out there.

Silver Wheaton is headquartered in Vancouver. The company calls itself the world’s largest precious metals streaming company, offering investors cost predictability, direct leverage to increasing silver and gold prices and a high-quality asset base. Its U.S.-based market cap is $9.85 billion.

Its U.S.-traded shares closed up 0.5% at $21.87 on Wednesday and were trading up 0.6% at $22.00 late on Thursday. That price compares with a 52-week trading range of $16.52 to $31.35 and a consensus analyst target price of $28.07.

Tahoe Resources

Tahoe Resources Inc. (NYSE: TAHO) is U.S.-based, but the call was still made in the Canadian dollars due to where the analyst coverage was made. Credit Suisse has an Outperform rating and sees 21% upside at a C$14 target, versus a prior closing price of C$11.56. The U.S.-traded shares were actually trading up 4.5% at $9.10 late on Thursday before the three-day weekend.

Tahoe Resources is in the exploration, development and operations of mining activities in the Americas (Guatemala, Peru, Canada). It primarily produces copper, gold, silver, lead, zinc and precious metals assets, and it is shown to have exposure in natural gas and petroleum. Its market cap is over $2.9 billion for U.S.-listed shares.

Those U.S.-listed shares closed at $8.72 ahead of the call. The stock has a 52-week range of $7.12 to $17.01 and a consensus target price of $11.80.

Teck Resources

Teck Resources Ltd. (NYSE: TECK) was assumed as Outperform at Credit Suisse, with the price target signaling upside of 45%, if it comes to fruition. Teck’s prior closing price of C$29.64 and it compared to a C$43.00 price target.

Teck Resources also is based in Vancouver, and its U.S.-listed shares show a market cap of $13.15 billion. Teck Resources explores for, develops and produces natural resources in the Americas, the Asia Pacific and Europe. Its primary products comprise steel-making (met) coal, copper concentrates and refined copper cathodes, refined zinc and zinc concentrates, and lead concentrates. It also produces molybdenum, gold, silver, germanium, indium and cadmium, as well as chemicals, industrial products and fertilizers.

Ahead of the call, Teck Resource’s U.S.-listed shares closed at $22.32. The 52-week range is $10.22 to $35.67, and the consensus target price is $26.98.

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Many other mining companies were issued Neutral ratings in the assumption of coverage by Credit Suisse. Most of those ratings were given price targets in Canada that were actually under the Credit Suisse analyst target prices: Cameco, Capstone Mining, Denison Mines, HudBay Minerals, Labrador Iron Ore Royalty, Pan American Silver, Silver Standard Resources and Turquoise Hill Resources.

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