TD Cowen sees robust Q2 for gold miners, raises PT

Alamos Gold

16/07/2025 14:01

** TD Cowen expects a strong quarter for gold companies, with record margins supported by high metals prices

** Adds that given the recent discipline shown by producers, it expects record free cash flow

** Brokerage remains positive on the sector, with the U.S. Federal Reserve expected to continue easing interest rates, and mounting geopolitical uncertainty

** Brokerage forecasts record margins in Q2 and cumulative free cash flow of $3.8 billion

** It expects the recent increase in capital returns (both buybacks and increased dividends) to continue, which should help boost sector valuations

Brokerage changes price target on the following companies:

Company
New PT
Old PT
Upside to stock's last close
Agnico Eagle Mines AEM.N
$152
$135
27.7%
Barrick Mining B.N
$30
$27
42.7%
Alamos Gold AGI.TO
C$48
C$45
32%
Newmont NEM.N
$64
$59
11.6%
Kinross Gold KGC.N
$22
$19
42.8%
K92 Mining KNT.TO
C$19
C$18
15.1%
G Mining Ventures GMIN.TO
C$28
C$25
66.8%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))