CIBC Lifts IAMGOLD Target to $10.40, Highlights Cote Project Momentum and Rising Gold Tailwinds

IAMGOLD Corporation (NYSE:IAG) is one of the stocks that look extremely cheap on paper. On July 15, 2025, CIBC’s Anita Soni maintained an Outperform (Buy) rating on IAMGOLD and raised her 12‑month price target from $9.20 to $10.40, implying roughly 48.5% upside from current levels around $7 per share. The upgrade shows stronger momentum at the company’s flagship Côté gold project, improved cost controls, and bullish sentiment building around a rising gold price.

Meanwhile, IAMGOLD continues ramping up production from its Côté mine in Ontario, which began commercial operations in August 2024. Its Essakane mine in Burkina Faso and Westwood mine in Quebec also contribute to about 762,000 ounces of annual gold production.

The company trades at a low single‑digit P/E of ~5 and is well‑positioned for a leveraged run if gold trends higher and costs stay in check.

IAMGOLD, based in Toronto, operates three key gold mines; Westwood in Quebec, Essakane in Burkina Faso, and the newly producing Côté mine in Ontario.

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Disclosure: None.