CIBC Capital Markets upgraded three companies in the precious metals and base metals sector.

Analyst Anita Soni raised her rating on Endeavour Mining Corp. (EDV.TO) to Outperform from Neutral, and increased her price target to $117 from $77.

Soni raised her rating on Equinox Gold Crop. (EQX.TO, EQX) to Outperform from Neutral, and increased her price target to $31 from $21.50.

The analyst upgraded Fortuna Mining Corp. (FVI.TO, FSM) to Neutral from Underperform, and increased her target on the stock to $16 from $9.

"Looking ahead, we expect the same demand drivers from 2025 to remain in place but see heightened geopolitical uncertainty, largely originating from the ever-changing US tariff policies and increased aggression towards countries that stand in the way of Trump's objectives," Soni said in a report on CIBC's outlook for precious metals and base metals.

"We expect pressure on the US dollar with one to two rate cuts in 2026, pressure from the White House to lower rates well below the current Fed trajectory of 3% (to 1%), and the de-dollarization/dollar debasement trade," the analyst said.

(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)