B2Gold double downgraded to Underperform at BofA after disappointing Q4

As previously reported, BofA analyst Lawson Winder downgraded B2Gold (BTG) to Underperform from Buy with a price target of C$3.90, down from C$5.90. Q4 production disappointed on lower Fekola grades, while B2Gold also provided 2025 guidance that missed expectations, the analyst tells investors. In addition, the company announced a 50% reduction is its annual dividend and while the firm sees the dividend cut as “prudent” given still large capital commitments, it thinks investors are likely to be disappointed.