Canaccord analyst Carey MacRury upgraded to Buy from Hold four names after increasing its gold forecast: Franco-Nevada (FNV), Gold Royalty (GROY), Coeur Mining (CDE) and Hecla Mining (HL). Canaccord upped its 2026 gold price estimate to $4,758 per ounce from $4,401. The factors driving gold remain in place, including supportive central bank policies, unresolved trade and geopolitical tensions, and an unsustainable U.S. debt trajectory, the analyst tells investors in a research note. Canaccord leans “more defensive” citing no clear end in sight for the Iran conflict and the risk of central banks tightening monetary policy into a “supply shock.” It believes gold producers have been improving margins and profitability as capital spending remains low.
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