Sandstorm Gold (SSL.TO) maintained its stock rating and price target at RBC Capital Markets and National Bank of Canada.

Sandstorm retained its Outperform rating and US$6.50 price target at RBC while keeping its Outperform rating and $10.75 price target at National Bank, according to notes published on Tuesday.

RBC said Sandstorm's gold equivalent sales of 17,700 ounces in the fourth quarter of 2024 was modestly below RBC's estimate and consensus forecasts.

National Bank said Sandstorm's Outperform rating is supported by the company's asset diversification and growth outlook, an improving balance sheet and discounted valuation. The price target was based on on a weighted multiple of 1.2x NAV (33%) + 20.0x EV/2025E CF (33%) + 20.0x EV/2026E CF (33%).

"The market view of the stock should improve as SSL lowers debt and allows organic growth within the portfolio to materialize," National Bank said. "We continue to believe the more diversified and expanded portfolio will ultimately warrant a re-rating towards that of larger-cap peers."

Sandstorm was trading at US$5.64 per share at last look on the NYSE, while its share price was at $8.13 at last look on the TSX.