BofA says gold stocks are cheap, pricing in gold at 19% discount to spot

Industry
โดย Investing.com·Read original
Summary · why it matters

Bank of America analysts say gold equities are attractively valued, with companies in their coverage on average pricing gold at $3,354 per ounce, a 19% discount to the spot price of $4,156. Using an EV/EBITDA approach, the implied gold price is $4,016 per ounce, a 3% discount. The analysts note that a hawkish Federal Reserve and stronger dollar are near-term headwinds for bullion, but persistent U.S. budget deficits and de-dollarization support the longer-term case. They also highlight strong central bank demand, citing a World Gold Council survey where 89% of 76 central bank respondents expect global official gold reserves to increase over the next 12 months. BofA cut its price target on Alamos Gold to $50 from $57 after the company lowered second-quarter production guidance, but retained a Buy rating.

Impact on stocks 3

Critical Materials & Supply Chain± Mixed · 3 stocks
Alamos Gold Inc
AGI
▼ NegativeSupplyrelevance

Alamos Gold lowered second-quarter production guidance, prompting BofA to cut its price target.

Franco-Nevada Corporation
FNV
▲ PositiveCapitalrelevance

BofA says gold stocks are cheap, with a 19% discount to spot gold, implying undervaluation.

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