Tuesday’s analyst upgrades and downgrades

National Bank Financial cut Agnico Eagle’s target to $275 from $350, citing lower-end guidance estimates tied to the Barnat wall movement at Canadian Malartic.

Potential continued underperformance versus gold peers into Q2 earnings as the market reprices guidance risk.

The article provides a concrete target reduction and explicitly links it to lower-end guidance estimates from a specific operational/seismic event.

Barrick Mining’s target was lowered to $67.50 from $75 after the analysts revised forecasts using realized gold/silver prices and guidance-risk factors.

Moderate downside bias into earnings as consensus updates to lower realized precious-metal prices.

The text includes a specific target change and ties it to updated commodity-price assumptions and guidance risk.

B2Gold’s target was raised to $9.75 from $10.70, reflecting forecast revisions aligned to lower realized gold and sector margin outlook.

Limited upside near term; stock may track gold but with capped analyst-driven expectations.

The article gives the target change but does not provide a company-specific operational catalyst beyond the broader forecast framework.

Newmont’s target was reduced to $125 from $140, with the analysts expecting consensus estimates to narrow as realized precious-metal prices update.

Neutral-to-negative near-term as investors reprice earnings expectations around updated commodity decks.

The excerpt lacks a Newmont-specific operational issue; it is primarily a target reset from forecast changes.

Arizona Metals’ target was cut to $0.20 from $0.25 as copper forecast assumptions were revised and target prices adjusted across coverage.

Downside bias if the market interprets the cut as weaker fundamentals despite higher copper assumptions.

No company-specific driver is provided beyond the general copper forecast update.

Champion Iron’s target was lowered to $5.50 from $5.75 alongside copper/sector forecast revisions and updated target-price adjustments.

Limited upside until earnings clarify whether revised assumptions translate into results.

The excerpt does not connect CIA to a distinct operational event.

Hudbay Minerals’ target was cut to $38.50 from $40 as the analysts adjusted forecasts and target prices across their coverage universe.

Mild downside bias into earnings unless results offset the revised valuation.

No HBM-specific catalyst is described in the excerpt.

Ivanhoe Electric’s target was reduced to $27 from $30 as the copper outlook update led to target-price adjustments.

Potential underperformance versus copper-linked peers if earnings do not validate the new deck.

The excerpt does not provide an IE-specific operational or project update.