12 Most Undervalued Canadian Stocks to Buy According to Hedge Funds

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5. B2Gold Corp. (NYSE:BTG)

Number of Hedge Fund Holders: 37

B2Gold Corp. (NYSE:BTG) is one of the most undervalued Canadian stocks to buy according to hedge funds. On February 4, CIBC analyst Anita Soni increased the price target for B2Gold to $6.50 from $6 with a Neutral rating. This adjustment followed a sector update where CIBC raised its gold price forecasts to $6,000 per ounce for 2026 and $6,500 for 2027, alongside higher copper price assumptions. Soni noted that while demand drivers from 2025 are expected to persist, the market is facing heightened geopolitical uncertainty.

Earlier on January 15, Raymond James also raised its price target for B2Gold Corp. (NYSE:BTG) to $6.50 from $6.00 while maintaining an Outperform rating. This adjustment was made as part of the firm’s broader update within the mining group to incorporate new commodity price forecasts for precious and base metals.

The firm increased its gold and silver price estimates, citing persistent economic and political uncertainty as key drivers. Within the base metals complex, Raymond James continues to favor copper, anticipating growing supply deficits over the medium to long term.

B2Gold Corp. (NYSE:BTG) operates as a gold producer company in Canada. The company operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia.

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