12 Most Undervalued Canadian Stocks to Buy According to Hedge Funds

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1.  Barrick Mining Corporation (NYSE:B)

Number of Hedge Fund Holders: 75

Barrick Mining Corporation (NYSE:B) is one of the most undervalued Canadian stocks to buy according to hedge funds. On February 4, CIBC raised its price target for Barrick Mining to $71 from $50, while keeping an Outperformer rating. As with its other precious metals updates, the firm adjusted its targets following a significant upward revision of its gold price forecasts to $6,000 per ounce for 2026 and $6,500 for 2027.

CIBC also increased its copper price assumptions. The firm noted that although demand drivers from 2025 are expected to persist, the 2026 outlook is characterized by heightened geopolitical uncertainty.

On January 26, Scotiabank raised the price target for Barrick Mining Corporation (NYSE:B) to $63 from $43 with an Outperform rating. This adjustment is part of an update to the firm’s price targets for the gold and precious minerals sector, reflecting higher forecasts for both gold and silver. The firm noted that these revised projections are driven by persistent economic and geopolitical uncertainty.

Barrick Mining Corporation (NYSE:B) explores, develops, produces, and sells mineral properties. The company explores for gold, copper, silver, and energy materials.

While we acknowledge the potential of B to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than B and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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