Bellevue Gold Ltd (ASX: BGL) shares have been on a wild ride over the past 12 months.

The ASX 200 gold stock has been as high as $2.10 and as low as 95 cents.

The gold miner's shares are currently trading at $1.10, which means they are down 48% from their high.

Is this a buying opportunity? Let's see what a couple of leading brokers are saying.

Is this ASX 200 gold stock a cheap buy?

According to notes out of Bell Potter and Goldman Sachs, their analysts believe that investors should be snapping up Bellevue Gold's shares while they are down in the dumps.

This morning, Goldman Sachs has retained its buy rating on its shares with a trimmed price target of $1.50 (from $1.55). This implies potential upside of 36% for investors over the next 12 months.

While Goldman wasn't overly impressed with the ASX 200 gold stock's quarterly update, it remains positive. The broker highlights that while its free cash flow (FCF) yield is under pressure now, it expects a rebound in FY 2026. Goldman said:

On our LT gold price of US$2,300/oz, BGL is trading at ~0.85x NAV or pricing in US$1,980/oz (peer average ~1.1x NAV and ~US$2,370/oz). While near-term FCF yields are impacted by the accelerated development spend, we see these returning to double digits by FY26E, and remaining attractive vs. peers, supporting upside to the outlook for possible future capital returns once the expansion ramps up (despite ~25% of medium-term gold sales being hedged at ~A$2,700-2,900/oz, and 31.5koz of A$3,500/oz puts in FY25).

Bigger bull

The team at Bell Potter is even more bullish and sees potential for even greater returns over the next 12 months.

In response to the quarterly update, the broker has retained its buy rating and lifted its price target to $2.00 (from $1.90). This suggests that upside of 80% is possible from current levels.

Bell Potter believes that its shares could be destined to re-rate higher as its operational performance improves. The broker said:

We see upside to the share price from: (1) continuing improvement in production and cost performance from ongoing production ramp-up and expansion, (2) near-mine exploration programmes over the next two years supporting market valuation increases, (3) strong spot gold prices. We expect that the key near term catalyst will be 3Q production and development progress updates, which will be key indicator to the market on mining progress to set-up production for the critical 4Q.