Overview
Jefferies has identified four base metal and gold miners with Buy ratings that the brokerage believes stand to gain from a sharp appreciation in global copper prices. The firm revised its copper price outlook higher for the coming years, citing expected demand driven by a substantial U.S. capital expenditure cycle concentrated on data centers and power infrastructure, together with what it sees as structural supply shortfalls.
Barrick Gold Corp - Premium assets and re-rating potential
Jefferies pointed to Barrick Gold Corp's premium asset base and an attractive valuation as central to its positive stance. The brokerage expects the company to re-rate as mine operations establish a track record of reliability through consistent delivery of operational guidance and continued cost discipline. Jefferies anticipates that financial performance will improve as Barrick realizes gains from its gold asset recapitalization program while its copper activities expand.
Recent company disclosures support this view: first-quarter gold production reached 719,000 ounces, exceeding guidance. Barrick also authorized a $3 billion share buyback program and announced a quarterly dividend of $0.175 per share.
Endeavour Mining - Valuation and stable metrics
Jefferies described Endeavour Mining as trading at a compelling valuation and forecasted steady financial results for the African gold producer. The brokerage projects full-year earnings per share rising to $6.36 by the end of 2026. Analysts at Jefferies flagged a scenario in which stronger-than-expected gold prices could provide significant upside to the miner's outlook.
Kinross Gold Corp - Operational momentum and profitability gains
For Kinross Gold Corp, Jefferies expects robust intermediate operational momentum. The brokerage estimated Kinross would reach total gold equivalent sales of 2,102 thousand ounces for full year 2026 and projected a material increase in profitability, with 2026 earnings per share estimated at $3.43. Jefferies also noted potential downside risks to this outlook, including operational disruptions, downward revisions to financial expectations, and broad sector valuation compression.
Capstone Copper - Leverage to copper strength
Jefferies assessed Capstone Copper as well positioned to benefit from a wider upswing in base metal prices. The brokerage raised its 2026 earnings per share forecast for Capstone to $0.53, up from a previous $0.42 estimate, and described the company as one of the more leveraged plays to capture gains from rising copper prices as its industrial demand assumptions were updated and fed into intermediate projections.
Implications
Jefferies' repositioning reflects its view that growing demand from U.S. infrastructure and data center investment, combined with constrained supply, will be a central driver for copper and related base metal markets. The four names highlighted span gold and copper exposure and were selected for a mix of valuation appeal, operational prospects and leverage to commodity moves.
Key takeaways
- Jefferies raised its copper price target for the coming years based on strong U.S. capex for data centers and power infrastructure and structural supply deficits.
- Barrick outperformed its recent guidance on gold production and announced a $3 billion buyback plus a $0.175 quarterly dividend, supporting the brokerage's positive view.
- Endeavour, Kinross and Capstone were highlighted for valuation strength, operational momentum, and leverage to rising copper prices respectively.
Note: The analysis above is drawn from Jefferies' stated views and the company-level details provided. It reflects the brokerage's projections and the corporate results and announcements referenced.