Barrick, Equinox among TD Cowen’s best stock picks
Existing valuation gaps, improving production and future growth projects represent key drivers for the Canadian miners.
Precious-metals producers Barrick Mining and Equinox Gold are among TD Cowen's top stock picks for significant returns, according to a new report. The Canadian miners' existing valuation gaps, improved production, and pipeline of future growth projects are key factors driving TD Cowen's investment in them. Barrick, currently trading at a 25% discount to large-cap North American miners, has a target price of $59, which would represent a 38% return from Monday's closing price.
Analyst Steven Green expects Barrick's gold output to increase by 16% year-over-year to 3.7 million ounces in 2027 and its copper output to rise by 7% to 225,000 tonnes. Equinox Gold, following its acquisition of Orla Mining, could be a solid holding for investors, with its gold production expected to grow by 40% to 1.27 million ounces in 2027, boosting EBITDA by 62% to $3.48 billion.
Analyst Wayne Lam has a target price of C$20 for Equinox, implying a 17% return. Other Canadian miners TD Cowen recommends include Hudbay Minerals, which is benefiting from a recent $1.5-billion acquisition, and Royal Gold, with a target price of $315, reflecting a 26% return.
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