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Analysts Update Metal Price Forecasts and Adjust Targets for Mining Sector Stocks
Non-Energy Minerals · Other Metals/Minerals · globe_inside_market · 2026-09-21
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National Bank Financial analysts have revised their long-term commodity price decks and updated price targets for various precious and base metal producers.
What Happened
Commodity Outlook: National Bank Financial analysts maintain a bullish stance on metals, citing robust central bank demand, geopolitical instability, and persistent inflation. They have raised long-term price assumptions for gold, silver, and copper to account for rising operational costs and supply constraints.
Mining Sector Coverage: The firm updated price targets for several producers and developers, including Alamos Gold, Endeavour Silver, and NexGen Energy. These adjustments reflect improved project economics, de-risking milestones, and strategic growth potential across various mining jurisdictions.
Banyan Gold Initiation: Analyst Rabi Nizami initiated coverage on Banyan Gold with an outperform rating, highlighting the AurMac project's potential. The upcoming preliminary economic assessment is expected to reframe the asset as a conventional mill operation, significantly enhancing its valuation profile.
Broader Market Insights: RBC Dominion Securities anticipates strong fiscal results for BlackBerry, while TD Cowen reports positive demand trends for Russel Metals. These updates underscore a resilient industrial environment characterized by tight supply and sustained project-related activity.