Gold miners fell sharply on Thursday after Freedom Broker issued a broad set of downgrades across major North American producers, citing trimmed near-term EBITDA forecasts, operational risks and valuation constraints. Shares of Agnico Eagle Mines (NYSE:AEM) fell 5.2%, Barrick Mining (NYSE:B) fell 5.1% and Newmont (NYSE:NEM) fell 4.1% in morning trading. Agnico was cut from Buy to Hold with its price target lowered from $255.00 to $212.00; the broker said operational quality remains intact but its valuation premium limits returns, and it cut its 2027 EBITDA projection by 6% to $11.0 billion amid pit disruptions at Canadian Malartic and execution risks at Odyssey. Barrick was also moved to Hold, with its target cut from $54.00 to $46.00; despite trading at a discount to peers at about 10.0x 2027E earnings, its volatility-adjusted return profile fell short of the Buy threshold. Newmont completed the downgrades to Hold with its target reduced from $130.00 to $116.00, as cost inflation in Australia and performance risks at Lihir and Cadia weigh on its outlook.
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