Citi sees more upside ahead for Gold Fields on top of its already impressive year-to-date rally. The bank initiated the South Africa-headquartered gold miner at a buy rating. Analyst Ephrem Ravi’s $50 price target is about 33% higher than where shares of Gold Fields closed on Monday. The stock has soared more than 184% this year as gold prices surged to record levels above $4,000 per ounce. However, Ravi thinks the miner can build on those strong gains. GFI YTD mountain GFI YTD chart Ravi applauded Gold Fields for being the world’s eighth largest gold producer and having a diversified asset base. “It accounts for only 2% of global gold production and is well placed to benefit from the scarcity of large listed gold miners in rising gold price environment,” he wrote. “With production relatively balanced across four continents (Australia, Africa and Americas), the risk from adverse jurisdictional/geopolitical events is diversified.” The analyst also noted that incremental gold production is likely to be at lower costs, as new mines cost less while also driving output up. He reiterated that Citi remains constructive on gold in the near term. Even if gold prices sustain at their current levels, Gold Fields would be in a net cash position by the end of next year, giving it even more options for growth, Ravi added. Despite Gold Fields’ impressive year-to-date rally, Ravi believes that the stock could still rally from here. “We believe GFI should trade at higher multiples due to: (i) well capitalized assets now which means unlike the previous gold bull cycles, benefits of higher gold prices should lead to higher FCF generation rather than increase in capex, (ii) GFI is trading at discount to the global peers despite production growth over the next five years,” he wrote. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
