Stifel Canada on Tuesday reiterated its buy rating on the shares of B2Gold (BTO.TO) while lowering its price target to C$10.50 from C$11.50.

"We are updating our estimates following our first look of BTO's Q3 results, which came with negative guidance revision at Goose due to ramp-up challenges, along with delay on the Fekola Regional permit which B2 now expects before year-end. In our view, the market will require a few solid operational quarters to re-build conviction in the stock and re-rate it accordingly. We maintain our BUY rating, but are lowering our target price to C$10.50 on the back of an adjusted target P/NAV multiple (0.9x), 5% lower 3-year average CFPS and 7% lower 3-year average FCFPS. We believe that as BTO delivers on (1) operational ramp-up at Goose (QoQ production increase beginning in Q4 2025), and (2) Fekola Regional obtains the exploitation permit to bolster Fekola Complex production in 2026 and beyond, the company will likely be a strong candidate for a re-rate," analyst Ingrid Rico wrote.

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