Freedom Broker analyst Vitaly Kononov upgraded Kinross Gold (NYSE: KGC) from Hold to Buy with a price target of $38.00 (from $13.50).

The analyst comments "Kinross Gold's Q1 2026 is a clean, high-quality beat with record attributable FCF of $837.5M (fourth consecutive quarterly record), record margins of $3,476/oz, and operating cash flow of $1.14B reflect a business that is structurally capturing gold price leverage while holding costs flat. The dominant 12-month catalyst is the Great Bear Main Project permitting timeline: construction targeted for 2027, first gold 2029, at a projected 500,000+ oz/year at ~$800/oz AISC. We raise our PT to $38 and upgrade to a Buy rating."

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Shares of Kinross Gold closed at $28.38 yesterday.