Equinox (EQX) Rated as ‘Neutral’ as CIBC Hikes Price Target

Equinox Gold Corp. (NYSE:EQX) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 26, CIBC reiterated a ‘Neutral’ rating on the company’s shares. However, the analyst raised their price target of the stock to C$10 from C$9.50.

Equinox (EQX) Rated as ‘Neutral’ as CIBC Hikes Price Target

Aerial view of a gold mine in Mali, showing the scale of the mining operations.

The price hike comes on the heels of Equinox achieving its highest first-quarter production in company history. The company produced 145,000 ounces of gold. The record production occurred against the backdrop of an improved total recordable injury frequency rate of 1.95 per million hours worked.

Following the completion of a merger with Caliber Mining, Equinox is on course to become the second-largest gold producer. Following the merger, Equinox boasts of a combined production target of 950,000 ounces.

Equinox Gold Corp. (NYSE:EQX) is a gold mining company focused on operating and developing gold mines in the Americas. The company owns and operates mines in Brazil, Mexico, and California and has a new mine in Canada (Greenstone).

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