Bank of America ratchets up gold and copper forecasts, gives the best stocks to play the trend

  • 📰 CNBC
  • ⏱ Reading Time:
  • 25 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 72%

Agnico Eagle Mines Ltd Новости

Investment Strategy,Markets,Agnico Eagle Mines Ltd

These gold and copper stocks can ride the trend as the precious metals rally.

Bank of America says a more bullish outlook for gold and copper could benefit a handful of stocks. The firm increased its outlook for commodities in a Tuesday note, upping its year-end gold forecast to $2,317 per ounce, or a roughly 17% increase moving forward. Bank of America also sees copper climbing 8% in 2024 to $9,321 per metric ton. Indeed, on Tuesday, gold futures for June delivery hit a fresh record, while the copper contract for May touched its highest level since January 2023.

To play its bullish outlook for copper and gold, the firm also named a slate of stocks that could see a boost. Bank of America's top gold pick for the year is Agnico Eagle Mines . The firm reiterated a buy rating on Tuesday, with a price target of $85 per share, implying 39% upside from Monday's close. U.S.-traded shares have climbed 13% in 2024. AEM YTD mountain Agnico Eagle Mines stock. "North American gold producers have traded between 1 and 2 times NAV with 1.75-2.

 

Спасибо за ваш комментарий. Ваш комментарий будет опубликован после проверки
Мы обобщили эту новость, чтобы вы могли ее быстро прочитать.Если новость вам интересна, вы можете прочитать полный текст здесь Прочитайте больше:

 /  🏆 12. in RU

Россия Последние новости, Россия Последние новости