JPMorgan has initiated coverage of Aura Minerals Inc. (NASDAQ:AUGO) with an Overweight rating and set a price target of $105.00, which the firm says equates to around 30% upside from present market levels.
The bank described Aura as an almost pure-play gold producer operating seven mines, including Era Dorada, across four countries. JPMorgan underscored the company’s multi-year growth trajectory: since 2017 Aura has more than doubled production while delivering an EBITDA compound annual growth rate (CAGR) of 44%.
Looking ahead, the analyst team projects production will rise roughly 75% by 2028 and forecasts an EBITDA CAGR of 60% over the same horizon. JPMorgan framed Aura’s approach as concentrated on extracting more value from existing assets - extending lives of mine, driving cost improvements via brownfield developments - while concurrently advancing greenfield projects to support future expansion.
On valuation, JPMorgan sees Aura trading at about 4.3x 2026 EV/EBITDA, versus a peer group multiple near 6.4x. The initiation report was issued by JPMorgan analyst Tathiane Candini.
Market action has reflected strong investor interest: the stock has climbed 441% over the past year and was trading at $80.75 at the time of reporting, close to its 52-week high of $81.65. However, third-party analysis cited in market commentary places the shares among names flagged as potentially overvalued at current levels.
Separate analyst activity and company developments have also been noted. Aura reported total fourth-quarter 2025 production of 77,000 ounces. Goldman Sachs characterized that output as broadly in line with its own estimates and consensus, and subsequently raised its price target for the company to $68.00 from $52.80 while maintaining a Buy rating.
Goldman highlighted robust production at the Apoena mine but noted a slower-than-expected ramp-up at the Borborema project. The bank also referenced Aura’s completed acquisition of Minera o Serra Grande (MSG) for $76 million, an addition Goldman believes has meaningful value. That acquisition was estimated by Goldman Sachs to add a net asset value of $395 million - equivalent to about $4.80 per share for Aura and representing roughly 12% of the company’s current market capitalization according to Goldman’s calculations. Prior to the latest increase, Goldman had previously lifted its target from $46.60 to $52.80 following earlier coverage updates tied to the acquisition.
Taken together, the analyst initiation from JPMorgan and the contemporaneous adjustments from Goldman Sachs reflect a period of strategic and operational momentum for Aura as it expands its mining operations across multiple jurisdictions in the gold sector.
Investors and market participants are assessing those developments against both the company’s rapid share-price appreciation over the past year and third-party valuation signals that suggest the stock may be trading at elevated levels. For those seeking formal research, professional reports and valuation tools are available through subscription services.