IAMGOLD

IAG · TORONTO

$16.26−$0.16 (−0.97%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $16.42

IAG analyst rating

BuyConsensus of 5 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy4
Hold1
Underperform0
Sell0

12-month price target · 11 analysts

Average $24.60 (+51.3% upside)

Low: $19.74
Now: $16.26
High: $31.46

Upgrades and downgrades

The latest rating actions, newest first

IAG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Freedom Broker	Oct 22, 2026	Maintains	Buy	$23.00 → $22.00	66%
Freedom Broker	Oct 7, 2026	Initiates	Buy	$23.00	66%
RBC Capital	Sep 16, 2026	Maintains	Outperform	$20.00 → $23.00	49%
Jefferies	Aug 21, 2026	Initiates	Buy	$24.00	52%
Scotiabank	Aug 12, 2026	Maintains	Sector Perform	$22.00 → $23.00	67%
Scotiabank	Jul 14, 2026	Maintains	Sector Perform	$25.00 → $22.00	67%
RBC Capital	Jul 9, 2026	Maintains	Outperform	$22.00 → $20.00	49%
B of A Securities	Jul 9, 2026	Maintains	Buy	$22.50 → $21.00	61%
Scotiabank	Feb 25, 2026	Maintains	Sector Perform	$23.00 → $25.00	67%
Scotiabank	Jan 26, 2026	Maintains	Sector Perform	$15.00 → $23.00	67%

The case for and against

Updated Oct 23, 2026

Bull case

Iamgold is attractive because its balance sheet has materially strengthened, with the revolving credit facility fully repaid and long-term debt cut from $1.1 bn in Q2 2025 to $449 mn in Q2 2026, leaving about $1.35 bn in liquidity and a near net-cash position before leases. Its operating mix is improving as Côté ramps up and is expected to lift attributable output from roughly one-third in 2026 to more than 40% in 2027, while Essakane continues to fund buybacks and investment and 2026 attributable production is guided at 270-310 koz. The company’s cash generation and capital returns also look compelling, with Côté FCF forecast to nearly double from $430 mn in 2026 to over $800 mn in 2027-28 and 27.9 mn shares repurchased for $510.4 mn through August 5, 2026.

Bear case

Iamgold is exposed to a difficult mix of macro and operating risks, with higher interest rates, a stronger U.S. dollar, and possible gold-price weakness pressuring a business that relies heavily on gold revenue while bearing fixed costs and royalty inflation. Its 2026 consolidated AISC of $2,041/oz sits in the lower half of guidance, but Côté Gold is already modeled above its own guidance at $1,963/oz, reflecting conservative 273 koz production at the bottom of range and leaving execution risk around the mine’s ramp-up. Heavy dependence on Côté and Essakane, plus FX, fuel, and jurisdictional risks in Burkina Faso, could weigh on EBITDA, free cash flow, and the company’s ability to sustain shareholder returns.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.