Scotiabank raises PT on gold miners, expects higher margins in Q3

Iamgold

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%

 (Reporting by Varun Sahay)

 ((Varun.sahay@thomsonreuters.com))