B2Gold, the Basic Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Brian Quast from BMO Capital maintained a Buy rating on the stock and has a C$9.50 price target.
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Brian Quast has given his Buy rating due to a combination of factors, even after incorporating the modestly negative impact from updated reserves, resources, and operating cost guidance into his valuation model. While reserve and M&I inventories declined and certain mines face higher projected cash costs and AISC, the overall hit to net asset value is limited, and his target price still implies meaningful upside from current levels.
He also highlights multiple upcoming catalysts that could unlock further value, particularly the ongoing ramp-up of the Goose project, which is expected to deliver a production-weighted second half of 2026 and stronger free cash flow once pre-pay deliveries are completed. Potential optimization at Goose, including a possible throughput increase, combined with B2Gold’s track record as a capable operator with diversified assets, underpins his view that the shares should outperform and supports maintaining a Buy recommendation.
In another report released on March 4, TipRanks – xAI also upgraded the stock to a Buy with a C$9.00 price target.
BTG’s price has also changed moderately for the past six months – from C$6.220 to C$6.950, which is a 11.74% increase.