Alamos Gold price target raised to $31 from $30 at BofA

BofA raised the firm’s price target on Alamos Gold (AGI) to $31 from $30 and keeps a Buy rating on the shares. The firm, which made operational adjustments to its Mulatos District mine model and adds some inferred resources at Island, likes Alamos for strong gold production growth, low relative unit costs, a solid balance sheet and “excellent jurisdictional exposure,” the analyst tells investors. With gold surpassing BofA’s long-term gold price target of $3,000 per ounce, the analyst notes that the firm’s commodity strategists highlight that the metal could rise to $3,500/oz with a 10% increase in investment demand.