CIBC upgrades two, downgrades two in precious metals reshuffle

CIBC adjusted the firm’s ratings in the precious metals sector due to valuations. The firm upgraded both Equinox Gold (EQX) and Newmont (NEM) to Outperformer from Neutral while downgrading Ero Copper (ERO) and Orezone Gold (ORZCF) to Neutral from Outperformer. CIBC upped price targets in the sector to reflect its higher gold price forecasts. It now sees $4,500 per ounce in in 2026 and 2027. CIBC also upped its silver forecasts to $55 per ounce in 2026 and 2027. Given the recent run in gold price and corresponding stock outperformance year-to-date, “some of these revisions are a catch-up,” the analyst tells investors in a research note.