Barrick Gold (ABX:CA) BMO Capital raises the target to $27 from $23

Stock Market Update & Analysis: July 16th 2024

Analyst Ratings Coverage Change

BMO Capital Markets(Rank#11), has released a report maintaining its “Outperform” rating on Barrick Gold, a leading global mining company, and has raised its 12-month target price from $23 to $27. This suggests BMO’s positive outlook on Barrick Gold’s performance and potential for growth in the coming year.

The “Outperform” rating implies that BMO believes Barrick Gold’s stock will beat the overall market or its industry peers. This indicates that BMO has a favorable view of the company’s financial strength, growth prospects, and competitive position in the mining industry.

By raising the 12-month target price from $23 to $27, BMO is indicating an increased expectation of Barrick Gold’s stock price appreciation over the next year. This higher target price reflects BMO’s confidence in Barrick Gold’s ability to deliver positive results, generate value for shareholders, and potentially exceed its previous projections.

BMO’s positive outlook on Barrick Gold may be supported by various factors, such as favorable gold market conditions, Barrick Gold’s operational performance, potential cost savings, and portfolio optimization strategies. BMO’s research and analysis of these factors likely contributed to their decision to maintain an “Outperform” rating and raise the target price.

ABX Stock Forecast & Analysis

Barrick Gold Corp, a global mining company, has an average analyst target price of CAD 27.45 over the next 12 months, as forecasted by 16 analysts. This indicates a positive outlook for the company’s stock price, with the average analyst rating being “Strong Buy.” Stock Target Advisor’s own stock analysis of Barrick Gold Corp is slightly bearish, based on 4 positive signals and 7 negative signals.

At the last closing, Barrick Gold Corp’s stock price was CAD 26.76, which suggests that the current market price is slightly below the average analyst target price. It’s important to note that target prices and ratings are subjective and may change over time as new information becomes available and market conditions evolve.

Barrick Gold Corp’s stock price has experienced some fluctuations over different time periods. Over the past week, the stock price has changed by +0.64%, indicating a relatively minor change. However, over the past month, the stock price has increased by +14.46%, which may indicate positive momentum in the short term. On the other hand, over the last year, the stock price has decreased by -16.74%, which may raise concerns about its performance in the longer term.

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