TD Cowen sees robust Q2 for gold miners, raises PT
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% |
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