The firm maintained its "underperform" rating on the stock.
"We adjust our target multiples to reflect our view that the gold equity re-rating will be sustaining over the next 12 months as gold prices continue to move higher towards our $1,350 per ounce target for Q1/17," the firm wrote in a note.
Credit Suisse's "underperform" rating is based on limited free cash flow at current gold prices, challenged "ramp up" at the Toronto-based company's Westwood gold mine and limited mine life at its Rosebel gold mine if softer ore is not discovered.
The firm also noted that IAMGOLD is subject to operating risks, commodity price and foreign exchange risks as fluctuations in gold and foreign exchange rates will impact profitability.
For June delivery, gold is advancing 0.24% to $1,275.70 per ounce on the COMEX this afternoon.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by several weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: IAG