Barrick, Equinox among TD Cowen’s best stock picks

AI desk brief

TD Cowen names Barrick, Equinox Gold, Hudbay and Royal Gold among its top Canadian materials picks, citing undervaluation, improving operations and growth pipelines. Barrick’s target implies 38% upside and the broker sees about $8bn of free cash flow over the coming year, with gold output expected to rise 16% y/y to 3.7Moz in 2027; Equinox is forecast to lift gold production 40% to 1.27Moz in 2027 and EBITDA 62% to $3.48bn next year.

The note is constructive for North American gold miners on project catalysts and execution improvements, including Barrick’s planned North American IPO, Equinox’s Castle Mountain/Los Filos/South Railroad/Valentine pipeline, and Royal Gold’s long-life royalty portfolio. Hudbay is also flagged for copper growth, with production seen up 27% to 151kt in 2027.