The Globe and Mail reports in its Friday, Jan. 9, edition that RBC Dominion Securities analyst Stephen Walker has cut his rating on Barrick Gold ($12.79 (Canadian)) to "sector perform" from "outperform." The Globe's Luke Kawa, Darcy Keith and Tim Shufelt write in the Eye On Equities column that Mr. Walker reduced his target to $14 (U.S.) from $17 (U.S.). The Street on average targets the shares at $15.70 (U.S.). Mr. Walker says a deteriorating outlook for gold prices could limit Barrick's ability to generate enough cash to reduce its high debt levels. Meanwhile, uncertainty surrounding capital requirements at the company's four Nevada development projects, and questions regarding the future of the suspended Pascua Lama mine in Argentina and Chile, have clouded the company's near-term prospects. Mr. Walker says, "We await further clarification and updates on the company's capital spending plans in Nevada, a plan for Pascua-Lama, and the outlook for the higher cost African and Australian operations." Mr. Walker notes that Barrick's $13.1-billion (U.S.) long-term debt load, which translates to a debt-to-total capital ratio of about 45 per cent, makes Barrick more highly leveraged than its peer average.