In a report released today, Raj Ray from BMO Capital maintained a Buy rating on Endeavour Mining, with a price target of C$100.00.
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Raj Ray has given his Buy rating due to a combination of factors that underscore Endeavour Mining’s operational strength and future growth prospects. He highlights that the company delivered 2025 production in the upper half of guidance with costs broadly in line with expectations, translating into solid free cash flow and meaningful debt reduction over the year. Despite slightly softer 2026 guidance driven by mine sequencing and higher royalties, he views the company’s ability to maintain strong free cash flow generation and capital returns as intact. Ray also emphasizes the balance sheet improvement, with a sizable reduction in net debt and a clear framework for substantial dividends and potential upside to shareholder distributions at current gold prices.
Moreover, he points to Endeavour’s attractive growth pipeline, particularly the Assafou project, which has been further de-risked through environmental approval and is supported by robust project economics and a defined timeline to first production. In his view, Endeavour combines a solid 1.0–1.3Moz production platform with both brownfield and greenfield expansion opportunities. He notes that the shares continue to trade at a discount to peers, creating valuation appeal relative to the company’s quality asset base and cash flow profile. Taken together, these factors support his maintained C$100 per share target price and underpin his Buy (Outperform) recommendation.
According to TipRanks, Ray is a 5-star analyst with an average return of 38.5% and a 73.08% success rate. Ray covers the Basic Materials sector, focusing on stocks such as Gold Fields, Harmony Gold Mining, and Novagold Resources New.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a p4,580.00 price target.