Scotiabank raises PT on gold miners, expects higher margins in Q3
23/10/2025 14:53
** 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 Ashanti AU.N | $90 | $55 | 35% |
| Barrick Mining B.N | $43 | $27.5 | 36.4% |
| IAMGOLD IAG.N | $15 | $8.5 | 24.5% |
| Newmont NEM.N | $114 | $71.5 | 31% |
| Agnico Eagle Mines AEM.N | $219 | $150 | 33.95% |
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