BofA Global Research Top Picks in North American Metals & Mining

Bank of America Global Research announced its top stock selections in the North American metals and mining sector after a broad reduction in near‑term commodity price forecasts. Analyst Lawson Winder lowered estimates and valuations across the sector, cutting 30 price objectives—including 21 precious‑metal, three base‑metal and four steel stocks—and reducing 2026 earnings estimates for 28 of the 30 companies it covers. The commodities team expects market conditions to stay challenging through the autumn, with a possible recovery after the summer, and retains the highest conviction upside in uranium, nickel, platinum and silver, while U.S. hot‑rolled coil steel prices suggest downside.

The three companies highlighted are:

  • Cameco Corp (CCJ) – BofA maintains a constructive view on uranium despite spot prices being 23 % below the firm’s 2026 average forecast, reflecting contracting frictions, supply discipline and utility restocking upside. The analyst estimates approximately 48 % upside to the price objective and notes the company’s balance‑sheet strength and its 49 % stake in Westinghouse Electric Company.
  • Freeport‑McMoRan Inc (FCX) – The firm reiterates Freeport‑McMoRan as its top base‑metal pick for 2026, citing roughly 35 % upside to the price objective. BofA argues that stock selection now matters more than macro factors, emphasizing FCX’s leverage to copper through an operating turnaround and visible growth that is not yet fully reflected in valuation. The research also mentions a material reduction in aluminum price forecasts with limited upside to the 2026 forecast.
  • Pan American Silver Corp (PAAS) – Although BofA reduced its 2026 gold price forecast by 14 % to $4,360 per ounce, it projects a 2027 price of $4,813 per ounce if rate hikes cease. The analyst sees better upside in platinum and silver versus spot prices in 2026 and added PAAS as a top precious‑metal pick for under‑priced silver growth, rising capital returns, dormant‑asset upside potential, and an estimated 56 % upside to the price objective.

Overall, the research reflects a sector‑wide downgrade in price targets but highlights specific upside opportunities in uranium, copper, and silver, with the three named stocks offering the most attractive risk‑adjusted returns according to BofA’s 2026 outlook.