Alamos Gold (AGI.TO) kept its stock rating and price target at RBC Capital Markets and National Bank of Canada, according to separate notes published Thursday.

RBC retained Alamos' Outperform rating and US$27 price target

RBC's view was "positive". It said while long-dated (with production planned in about 2040), adding higher margin mine life to the Lynn Lake project (about 10% of NAV) is "nominally positive and should improve overall economics by deferring lower-grade stockpile production".

Investors, the bank added, should focus on growth expected after 2026 with full production from Island in 2027 and Lynn Lake in 2029 leading to lower costs and higher production, which RBC now forecasts reaching about 1moz by 2029.

"While the stock continues to trade at a premium to peers during the investment period at Island, Mulatos (PDA), and now Lynn Lake, we see AGI as well positioned to grow, with a
high quality portfolio of long-life assets primarily in Canada justifying the valuation vs. intermediate peers.

Meanwhile, Alamos maintained its Outperform rating and C$38 price target at National Bank of Canada, which noted that the results demonstrate the strong production growth potential within the company's portfolio.

The bank said the Outperform rating is based on Alamos having one of the best potential NAV/sh growth profiles in the sector, which supports the potential to set new 52-week highs as EBITDA should continue to grow.

The price target was derived from a 100% 10.5x NTM EV/EBITDA target multiple, which implies a P/NAV of 1.30x.

"Alamos also benefits from a portfolio heavily weighted to Canada, further supporting a premium valuation vs. its peers," National Bank said. "Thus, we continue to view Alamos Gold as one of the best ideas for a medium-term investment period."

Alamos' share price was down 2.7% at last look to $31.86 on the TSX.