Raymond James upgraded IAMGold (IAG) to Market Perform from Underperform with a price target of $7, up from $6. The firm says Q4 was the strongest production quarter for the year among a number of mid-tier gold producers. The firm expects the trend beginning in Q4 of mid-tiers showing better operating performance than the seniors can continue in 2025. Given the expected operating outperformance from mid-tiers in 2025, Raymond James expects the mid-tier gold producers can continue to attract investment due to lagging valuations versus seniors, driving the upgrade of IAMGold, the analyst tells investors in a research note.
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