Scotiabank Reiterates Hold Rating on IAMGOLD Corporation, Sets PT at $8.50

IAMGOLD Corporation (NYSE:IAG) is one of the Best Gold Mining Companies to Buy Now. On August 8, Scotiabank reiterated the Hold rating on IAMGOLD Corporation (NYSE:IAG) stock, with a price target of $8.50.

Scotiabank analyst Tanya Jakusconek maintained the rating on IAG as the analyst remains positive on the company following Q2 FY2025 results. The company posted revenue of $580.90 million, driven by sales of 182,000 ounces of gold at an average realized price of $3,182 per ounce. IAMGOLD achieved nameplate throughput at Cote Gold ahead of schedule.

Aerial view of a large-scale gold mine, showing the extent of the company’s operations.

IAMGOLD Corporation is well on track to achieve production guidance of 735,000 to 820,000 ounces of gold for 2025. Moreover, the company’s completion of gold prepayment arrangements allows it to have full exposure to the current gold price and improve cash flow generation. The company is also making notable progress in organic growth projects, especially in Canada, with Nelligan and Monster Lake assets indicating promising resource potential.

IAMGOLD Corporation (NYSE:IAG) is a Canada-based gold producer and developer. The company’s primary activities include exploration, development, and operation of gold mining properties in North America and West Africa.

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Disclosure: None. This article is originally published at Insider Monkey.