10 Cheap Canadian Stocks to Buy According to Analysts

5. IAMGOLD Corporation (NYSE:IAG)

Forward P/E Ratio: 9.48

Earnings Growth This Year: 5.82%

Analyst Upside Potential: 39.04%

IAMGOLD Corporation (NYSE:IAG) is a Canadian company that focuses on exploring, developing, and operating gold mines in Canada and internationally. The company operates through several key projects including, Essakane Gold Mine in Burkina Faso, West Africa, Côté Gold Mine in Ontario, Canada, and Nelligan Gold Project in Quebec, Canada.

On February 18, BofA raised the firm’s price target on the stock from $6.65 to $7.75, while keeping a Buy rating on the stock. The company demonstrated strong growth in 2024. It finished 2024 with a total attributable gold production of 667,000 ounces, marking a 43% increase from the previous year. This growth was driven by the successful startup of Cote Gold and strong performances at Essakane and Westwood. Moreover, IAMGOLD Corporation (NYSE:IAG) generated approximately $781 million in adjusted EBITDA for the year and also strengthened its financial position by completing a repurchase agreement to regain a 70% interest in Cote Gold and fulfilling half of a legacy gold prepayment arrangement. It is one of the cheap Canadian stocks to buy according to analysts.