CIBC Capital Down graded its rating on the shares of Equinox Gold (EQX.TO) to neutral from outperform while cutting its price target to C$26.50 from C$31.00 as a Brazilian state questioned the legality of the sale of the company's assets in the country.

"Although the sale of the Brazil assets closed on January 23 and EQX has received $900M in funds from CMOC (with a contingent; on February 3, 2026, the State of Bahia in Brazil announced that it is opposing the sale of the assets to CMOC, noting that EQX is only a lessor of the mining rights, and under mining law, the lessor is not entitled to negotiate with a third party without government approval). We believe this represents an overhang on the stock, and are moving back to the sidelines, revising our rating to Neutral (and lowering our price target to $C26.50 from C$31.00) until there is more clarity on this issue," the investment bank noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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