BUZZ-Scotiabank raises PT on gold miners, expects higher margins in Q3
Scotiabank has raised its price targets for several gold mining companies ahead of their Q3 earnings, anticipating higher year-on-year margins and further expansion in Q4 due to rising gold prices. The brokerage is aligned with consensus forecasts for most companies, with Newmont and Barrick expected to show slight operational improvements. New price targets include AngloGold at $90, Barrick at $43, IAMGOLD at $15, Newmont at $114, and Agnico Eagle at $219, reflecting significant upside potential from their last close prices.
Scotiabank raises price target on several gold miners ahead of third-quarter earnings
Brokerage expects Q3 margins to be higher y-o-y and expects them to expand further in the fourth quarter with stronger operating performance
Main driver for margin expansion is higher gold prices - Scotiabank
“Heading into (Q3) reporting, we are generally in line with consensus on both financial and operating forecasts for most companies”
Newmont (NEM.N) and Barrick Mining (ABX.TO) are expected to have flattish/slight operational improvement sequentially - Scotiabank
Brokerage changes PT on the following companies:
Company New PT Old PT Upside/Downside to stock’s last
close
AngloGold $90 $55 35%
Ashanti
(AU.N)
Barrick $43 $27.5 36.4%
Mining
(B.N)
IAMGOLD $15 $8.5 24.5%
(IAG.N)
Newmont $114 $71.5 31%
(NEM.N)
Agnico $219 $150 33.95%
Eagle
Mines
(AEM.N)
