Barrick Gold Corp. (ABX:TSX) Reports Production Levels, Analyst rate with Strong Buy

Barrick Gold Rated a "Strong Buy" on Earnings

Barrick’s Production

Barrick, the world’s second-largest gold producer, saw its shares fall 3% to C$25.32 in intraday trading in Toronto, due to challenges at its mines that have affected production. These include repairs and upgrades in Nevada and the inability to resume operations at its Porgera mine in Papua New Guinea while awaiting an agreement with the government to restart the facility. Gold output in Q4 was 1.11 million ounces, which is its strongest quarter in a year but still short of analysts’ expectations. The company’s annual copper production was 440 million pounds, in the mid-range of its guidance and above estimates. Barrick’s CEO has stated that he is focusing on deals in “the junior part of the market” this year to help boost the company’s metals output.

ABX Stock Forecast

The average target price for Barrick Gold Corp stock among 10 analysts is CAD 27.48 in the next 12 months. This means that the analysts believe that the stock has potential to grow and reach that price level over the next year. Additionally, the average analyst rating for the stock is a “Strong Buy”, indicating that the majority of analysts have a positive outlook on the stock. Stock Target Advisor’s own analysis of the stock is Neutral, which is based on a combination of positive and negative signals. This suggests that the stock has some potential but also some risks that should be considered. In terms of recent stock performance, the stock price has changed by -3.61% over the past week, +8.56% over the past month and +6.94% over the last year. Overall, this is a mixed performance with some ups and downs in the stock’s value.

Recent Analyst Coverage

The first analyst target is from Cormark Securities, which has downgraded the target price for Barrick Gold Corp from CAD 27 on January 18th 2023. This means that the analyst believes that the stock will not reach the previous target price, and has revised the target price downward.

National Bank of Canada Financial, which upgraded the target price for Barrick Gold Corp  to CAD 30 from CAD 25, and maintained the Sector Perform rating on January 13th 2023. This means that the analyst believes that the stock has more potential and the target price has been revised upward.

Sanford Bernstein upgraded the target price for Barrick Gold Corp from a Buy rating to CAD 24 on January 6th 2023. This means that the analyst believes that the stock has more potential and the target price has been revised upward.

 

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