CIBC Raises IAMGOLD (IAG) PT to $34 Amid Higher Gold Forecasts

IAMGOLD Corporation (NYSE:IAG) is one of the most undervalued Canadian stocks to buy according to hedge funds. On February 4, CIBC raised its price target for IAMGold to $34 from $20 with an Outperformer rating. The adjustment is part of a broader sector update in which CIBC raised its gold price forecasts. The firm also increased its copper price assumptions. CIBC stated that while the demand drivers seen in 2025 are expected to persist through 2026, the market remains influenced by heightened geopolitical uncertainty.

Furthermore, on January 26, Scotiabank also raised its price target for IAMGOLD Corporation (NYSE:IAG) to $23 from $15 while keeping a Sector Perform rating on the shares. This adjustment was announced as part of the firm’s broader update to its price targets for gold and precious minerals stocks.

These adjustments reflect an increase in both gold and silver price forecasts. The firm noted that these revised estimates are supported by ongoing economic and geopolitical uncertainty, as well as continued strong buying activity from central banks.

IAMGOLD Corporation (NYSE:IAG), through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

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