12 Most Undervalued Canadian Stocks to Buy According to Hedge Funds

7. Alamos Gold Inc. (NYSE:AGI)

Number of Hedge Fund Holders: 35

Alamos Gold Inc. (NYSE:AGI) is one of the most undervalued Canadian stocks to buy according to hedge funds. On February 4, CIBC analyst Cosmos Chiu increased the price target for Alamos Gold to C$80 from C$74 with an Outperformer rating.

This adjustment was made as part of a broader increase across the precious metals group following CIBC’s decision to raise gold price forecasts to $6,000 per ounce in 2026 and $6,500 in 2027, alongside higher copper price assumptions. Chiu noted that while demand drivers from 2025 are expected to persist into 2026, there is now heightened geopolitical uncertainty.

On January 26, Scotiabank analyst Ovais Habib raised the firm’s price target for Alamos Gold to $55 from $50 while keeping an Outperform rating. This adjustment is part of a broader update to the firm’s price targets for the gold and precious minerals sector, driven by revised upward forecasts for both gold and silver. The firm noted that these higher commodity projections are supported by ongoing economic and geopolitical uncertainty, as well as continued strong buying activity from central banks.

Alamos Gold Inc. (NYSE:AGI) operates as a gold producer in Canada, Mexico, and the US. The company primarily explores for gold deposits.