The broker also maintained the stock as a speculative buy.
“The recent drill results have materially added to the resource potential of Bug Lake, causing us to increase the target price to $1.50 from $1.30,” Mackie said in a note.
“We are of the opinion BAR represents one of the best exploration companies in Canada. Not only has a major new nickel resource been confirmed by an initial resource, but BAR is also getting excellent gold results from the Bug Lake South gold discovery where recent drilling continues to highlight good mineral potential,” it added.
Read more about the gold intercept at Bug Lake South here.
Balmoral shares ended up 4.3% at C$1.21 on Wednesday.