BofA Reiterates a Buy Rating on Gold Fields Limited (GFI)

Gold Fields Limited (NYSE:GFI) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. Reinhardt van der Walt, an analyst from Bank of America Securities, reiterated a Buy rating on Gold Fields Limited (NYSE:GFI) on May 30 with an associated price target of $26.00. The analyst based the rating on the company’s growth potential and strengths, stating that it exhibits considerable leverage to high gold prices. He considers this a beneficial factor given the bullish outlook for gold to reach $4,000 by H2 2025.

Reinhardt also projects Gold Fields Limited (NYSE:GFI) to attain industry-leading production growth with an estimated compound annual growth rate of 9% between fiscal year 2024 and fiscal year 2027. This rate exceeds both its own consensus and that of its peers across the globe.

The analyst further supported the Buy rating with Gold Fields Limited’s (NYSE:GFI) strong exploration and reserve replacement track record. This holds especially true in Australia, where the company is continually outperforming its peers.

Gold Fields Limited (NYSE:GFI) is a globally diversified gold producer with nine operating mines in South Africa, Australia, Chile, Ghana, Peru, and Canada. It engages in underground and surface gold and copper mining. The company is also involved in the exploration, extraction, smelting, and processing of silver.

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