3 ASX 200 mining stocks just upgraded by Goldman Sachs

Goldman Sachs sees significant potential upside ahead for all three of these ASX 200 mining stocks.

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Investors looking for new S&P/ASX 200 Index (ASX: XJO) mining stocks to add to their portfolios may wish to run their slide rules over these three companies.

That's because each of the mining shares we look at below just received an upgrade from Goldman Sachs.

ASX 200 mining stocks with significant potential gains ahead

The first ASX 200 mining stock Goldman Sachs has given the tick of approval to is Gold Road Resources Ltd (ASX: GOR).

Created with Highcharts 11.4.3Gold Road Resources PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

The Gold Road share price is up 4.6% in intraday trading today. At the time of writing, shares in the gold miner are changing hands for $1.61 apiece.

Shares are now up 43% over the past 12 months but remain down 7% in 2023.

However, the analysts at Goldman believe that may be undervalued. The broker initiated a 'buy' rating on Gold Road with a $1.85 price target on its shares. That represents a potential 15% upside from current levels.

Also getting an upgrade is ASX 200 mining stock Evolution Mining Ltd (ASX: EVN).

Created with Highcharts 11.4.3Evolution Mining PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

The Evolution share price is also in the green today, up 1.7% to $3.39 per share.

The gold miner's shares are up 38% over 12 months and up 12% so far in 2023.

And Goldman Sachs also forecasts some significant gains for Evolution with a 'buy' rating and a $3.80 price target. That's 12% above the current share price.

Which brings us to the third ASX 200 mining stock getting an upgrade from the broker, Regis Resources Ltd (ASX: RRL).

Created with Highcharts 11.4.3Regis Resources PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Like the other two gold miners, the Regis Resources share price is marching higher today, up 1.3% to $1.91 per share.

The Regis Resources share price is up 32% over the past 12 months and down 7% in 2023.

But Goldman Sachs forecasts the gold miner's stock could soar by more than 20% from here. The broker restarted its 'buy' rating with a price target of $2.30 per share.

Did you notice a trend?

You likely noticed that all three ASX 200 mining stocks getting an upgrade from Goldman Sachs are big gold miners.

That's partly because the broker is rather bullish on both the outlook for the yellow metal as well as the changing cost pressures facing the industry.

"Our analysis of 30 listed Australian gold assets suggests industry cost inflation may be easing," Goldman's analysts said (courtesy of CommSec).

As for the gold price and its potential impact on these ASX 200 mining stocks, the analysts noted:

On pricing, our global team see macro factors supportive for gold pricing, while hedging roll offs also support company realised pricing. Combined this drives a >A$300/oz increase in coverage average margins to FY25E.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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