CIBC Lifts IAMGOLD Price Target to $34 on Higher Gold, Copper Forecasts
CIBC raised its price target for IAMGOLD to $34 from $20 on February 4 while assigning an Outperformer rating following a sector update. The firm increased its gold and copper price forecasts citing persistent demand drivers and heightened geopolitical uncertainty, and Scotiabank earlier boosted its target to $23 from $15 with a Sector Perform rating.
1. CIBC Price Target Hike
On February 4, CIBC raised its IAMGOLD price target to $34 from $20 and assigned an Outperformer rating. This significant increase reflects CIBC’s more bullish view on precious metals prices and its confidence in IAMGOLD’s production profile.
2. Sector Forecast Revisions
As part of a broader sector update, CIBC lifted its gold and copper price forecasts, citing ongoing strong central bank purchases, stable demand drivers seen in 2025, and heightened geopolitical uncertainty. These assumptions underpin the firm’s upgraded valuation for gold and base metals producers.
3. Scotiabank’s Earlier Adjustment
On January 26, Scotiabank increased its IAMGOLD price target to $23 from $15, maintaining a Sector Perform rating. This adjustment aligned with Scotiabank’s record gold and silver price forecasts and highlights converging analyst optimism in the precious metals space.