8 Most Undervalued Gold Stocks to Buy According to Analysts

3. B2Gold Corp. (NYSEAMERICAN:BTG)

Number of Hedge Fund Holders: 37

Average Upside Potential: 28.37%

B2Gold Corp. (NYSEAMERICAN:BTG) is one of the most undervalued gold stocks to buy according to analysts. On February 4, CIBC analyst Anita Soni increased the price target for B2Gold to $6.50 from $6 with a Neutral rating. This adjustment is part of a sector-wide target increase by CIBC, driven by revised gold price forecasts of $6,000 per ounce for 2026 and $6,500 for 2027, along with higher copper price projections. While the primary demand drivers from 2025 are expected to continue into 2026, the market is facing increased geopolitical uncertainty.

In Q3 2025, B2Gold Corp. (NYSEAMERICAN:BTG) reported that the Goose mine reached commercial production just three months after its first gold pour, although 2025 production guidance for the site was revised downward to between 50,000 and 80,000 ounces due to crushing capacity issues and delayed access to high-grade ore. Despite these short-term hurdles, the company projects a significant ramp-up at Goose, forecasting 250,000 ounces in 2026 and 330,000 ounces in 2027.

The company is also advancing strategic expansions, notably the construction decision for the Antelope underground deposit, which is expected to extend the life of the Otjikoto mine into the 2030s while reducing preproduction capital costs to $105 million.

B2Gold Corp. (NYSEAMERICAN:BTG) is a gold producer in Canada that operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. It also owns 100% interest in the Gramalote gold project in Colombia.