RBC lifts PT of gold miners on bullish outlook for bullion
10/09/2025 12:17
** RBC Capital Markets raises price targets on several gold miners to reflect its bullish outlook on bullion ** Says gold equity performance has been highly favorable thus far in 2025 and maintains positive view on the sector ** Brokerage forecasts gold price of $3,267 per ounce in 2025, up 3% from prior view ** RBC also forecasts prices of $3,931 per ounce in 2026 up 13% vs prior view; adds that it expects further upside over 2026 and sees prices of more than $4,000 in the second half of 2026 ** "We maintain positive view on reasonable valuations, rising margins, and conservative capital allocation trends in the current high gold price environment" - RBC Brokerage changes PT on the following companies:
| Company | Old PT | New PT | Upside to stock's last close |
| Newmont NEM.N | $66 | $95 | 23.1% |
| Agnico Eagle Mines AEM.N | $145 | $175 | 14.5% |
| AngloGold Ashanti AU.N | $53 | $76 | 22.7% |
| Barrick Mining B.N | $26 | $34 | 16.6% |
| Gold Fields GFI.N | $32 | $46 | 24.7% |
| Wheaton Precious Metals Corp WPM.N | $90 | $110 | 5.2% |
| Kinross Gold KGC.N | $19 | $27 | 20.7% |
| Franco-Nevada Corp FNV.N | $190 | $215 | 9.6% |