BofA raises PT on most gold, copper producers

Franco-Nevada

01/10/2024 16:44

** BofA Global Research raises price targets on most gold
miners and copper producers 
    ** Expects gold to hit $3,000/ounce in the next 12-18 months
and copper rising to $12,000/tonne or $5.44/pound in 2026
    ** Sees that Chinese stimulus measures could strengthen the
outlook for global growth and potentially reduce the likelihood
of increasing Fed rate cuts
    ** Sees gold benefiting from ongoing central bank purchases,
and lower share of dollar in forex portfolios could prompt more
central bank buying, along with physical buying in India and
China
    ** On aluminum, BofA sees commodity benefiting from similar
demand factors as copper, and should be supported by Chinese
constraints; upgrades Alcoa  AA.N  to "buy" for exposure to
strong aluminum (and alumina) prices

    Brokerage changes PT of the following companies:
    
 Company           New PT    Old PT     Rating
 Agnico Eagle      $101      $86        Buy
 Mines  AEM.N                           
 Newmont Corp      $66       $54        Buy
  NEM.N                                 
 Freeport-McMoRan  $67       $59        Buy
   FCX.N                                
 Teck Resources    $64       $63        Buy
  TECK.N                                
 First Quantum     C$22      C$20.25    Neutral
 Minerals  FM.TO                        
 Alcoa Corp        $52       $43        Buy
  AA.N                                  
 Franco-Nevada     C$188     C$195      Neutral
 Corp  FNV.TO                           
 Barrick Gold      $24       $25        Buy
  GOLD.N                                
 

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))