Agnico Eagle Mines (AEM), Cameco (CCJ), and Freeport-McMoRan (FCX) were named top 2026 picks by BofA, citing supportive macro conditions and company-specific strengths, the brokerage said in a Wednesday note.

On a bullish macro backdrop, BofA raised price objectives for Cameco and Freeport-McMoRan to reflect higher commodity multiples and strong growth profiles, according to the report.

The brokerage favors Agnico Eagle in precious metals, citing strong execution, a solid growth pipeline, and exploration upside following recent share underperformance.

BofA favors Cameco in nuclear energy due to diversified uranium exposure and an expected H2 2026 price rebound, while viewing Freeport-McMoRan's recent weakness as a buying opportunity in copper.

The firm raised its price targets on Cameco to $125 from $115 and on Freeport-McMoRan to $68 from $58, while reiterating buy ratings on both.

Shares of Agnico Eagle Mines and Freeport-McMoRan were down 1.9% and 2% respectively whereas Cameco was up 0.2% in recent trading.

Price: 177.30, Change: -3.31, Percent Change: -1.83