Balanced Risk/Reward Keeps Sprott at Hold as Precious Metals Tailwinds Appear Priced In

In a report released today, Graham Ryding from TD Cowen maintained a Hold rating on Sprott, with a price target of C$176.00.

Graham Ryding has given his Hold rating due to a combination of factors tied to Sprott’s current valuation and operating outlook. He views the company as fundamentally solid, with assets under management benefiting from strong investor interest in gold and silver, but believes much of this positive momentum is already reflected in the share price. In his assessment, the risk/reward profile appears balanced at present levels, limiting the near‑term upside potential relative to peers and broader sector opportunities.

At the same time, Ryding acknowledges that Sprott is well positioned to benefit if precious metals strength persists or accelerates, which provides support for maintaining a neutral rather than negative stance. He also factors in execution and market risks around sustaining recent AUM growth, alongside macro uncertainty that could affect investor flows into the company’s products. Collectively, these considerations lead him to a Hold recommendation, suggesting investors may wait for either a more attractive entry point or clearer catalysts before expecting outperformance.