11:57 AM EDT, 04/04/2025 (MT Newswires) -- (Updates with price target changes.)

RBC Capital Markets on Friday highlighted "high level views" for certain gold equities ahead of the first-quarter earnings reporting season.

For Newmont ( NEM ) , RBC forecast financial upside compared to consensus and expects a larger investor focus on buybacks given good free cash flow and proceeds from asset sales. Newmont ( NEM ) is still early in its turnaround, where successful execution could be a positive catalyst, RBC said.

RBC said Barrick (ABX.TO) guided low first-quarter production, while RBC's financial forecasts are mixed compared to consensus forecast. Key focus items will be buyback activity, PV's ramp-up progress, and commentary on Mali.

Agnico Eagle (AEM.TO) should be one of a select companies with stable quarter over quarter production, RBC said. A large tax payment will impact free cash flow, but it forecast financial upside versus consensus estimates.

RBC said it forecast financial upside for Kinross (K.TO) versus consensus, and a key focus will be the miner's proposed buyback initiation, although more modest activity is expected in the near-term.

According to RBC, various project ramp-ups will be a focus for investors, including Barrick and Newmont ( NEM ), Iamgold ( IAG ) , Equinox Gold ( EQX ) , Torex Gold Resources ( TORXF ) , Alamos Gold ( AGI ) , New Gold ( NGD ) , G Mining Ventures ( GMINF ) and Artemis Gold ( ARGTF ) .

With the note, RBC raised its price targets for:

* Sandstorm Gold to US$7.00 (from US$6.50),

* Wheaton to US$80.00 (from US$75.00),

* Agnico Eagle to US$115.00 (from US$110.00),

* Barrick Gold ( GOLD ) to US$23.00 (from US$22.00),

* Anglogold Ashanti to US$41.00 (from US$39.00),

* Newmont ( NEM ) to US$52.00 (from US$51.00),

* Alamos Gold ( AGI ) to US$30.00 (from US$27.00),

* Dundee Precious Metals to C$23.00 (from C$21.00),

* Eldorado Gold to US$21.00 (from US$20.00),

* G Mining ( GMINF ) to C$23.00 (from C$22.00),

* K92 Mining to C$15.00 (from C$14.00),

* Lundin Gold to C$42.00 (from C$37.00),

* Orla Mining to C$15.00 (from C$13.00),

* Torex to C$45.00 (from C$44.00),

* Wesdome to C$19.00 (from C$17.00),

* Fresnillo to 925p (from 880p),

* Hochschild Mining to 290p (from 270p).

The bank lowered its price targets for:

* Osisko Gold to US$23.00 (from US$24.00),

* Royal Gold to US$170.00 (from US$175.00).

Price: 62.62, Change: -5.47, Percent Change: -8.03