CIBC Capital Markets lowered its price target on four precious and base metals companies.
Analyst Anita Soni reduced her target on Agnico-Eagle Mines (AEM.TO, AEM) to $285 from $310, cut Equinox Gold (EQX.TO) to C$27 from C$31, lowered OR Royalties (OR.TO) to C$85 from C$88 and dropped Orla Mining (OLA.TO) to C$27 from C$32.
"We believe the consolidation in the gold price in H1/26, combined with investors' underweight positioning in the sector, provides the necessary catalyst for the next leg up in the second half of the year, especially if a dovish shift in the Fed's tone triggers a new wave of debasement trades," Soni said in a note to clients.
"Value investors should view the recent weakness in the share prices of quality companies as an opportunity to establish long-term positions."
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