OR Royalties Inc. (NYSE:OR) is one of the best stocks to buy amid gold rally. On July 21, Raymond James raised its price target for OR Royalties (formerly Osisko Gold Royalties) stock to $29.00 from $27.50. The investment bank maintained an “Outperform” (buy) rating on the stock.

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Analyst Brian MacArthur cited several factors influencing the decision to raise the target price, including OR Royalties’ high-margin business model, a diversified portfolio of development and exploration companies with low jurisdictional risk, the company’s flexible balance sheet, growth potential supported by recent strategic initiatives and capital allocation, and significant development around Osisko Development Corp. (ODV), in which OR Royalties owns approximately 24% equity and holds a 5% net smelter return royalty on the Cariboo Gold Project.

Raymond James noted that while the Cariboo Gold Project is not included in OR Royalties’ five-year growth outlook to 2029 (forecasting 40% growth in gold equivalent ounces), it could become a meaningful contributor to the company’s production in the future.

OR Royalties Inc. (NYSE:OR) is a Canadian-based precious metals royalty and streaming company. It holds a portfolio of over 195 royalties, streams, and offtake agreements, including 21 producing assets primarily focused on gold. The company’s cornerstone asset is a 3–5% net smelter return royalty on the Canadian Malartic mine, one of Canada’s largest gold operations.

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Disclosure: None. This article is originally published at Insider Monkey.

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