07:50:22 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2015-02-20 C$ 16.17
Market Cap C$ 18,832,707,561
Recent Sedar Documents

Globe says Barrick Gold maintained at "sell"

2015-02-23 06:27 ET - In the News

The Globe and Mail reports in its Saturday, Feb. 21, edition that Canaccord Genuity analyst Tony Lesiak is urging Barrick Gold ($16.17) to look for new sources of revenue and consider acquiring smaller, more profitable players in the mining industry. The Globe's Jody White writes in the Eye On Equities column that Mr. Lesiak notes that the combination of Barrick Gold's cash flow problems and its plan to reduce net debt by $3-billion in 2015 mean the company should be looking at other revenue options, including new equity, a dividend cut and the monetization of its Acacia interest. Mr. Lesiak says: "Overall, we applaud management's new vigor and alignment, unfortunately the magic of youth is unlikely to return. ... ABX is losing the weight it needs but it remains mature with a rapidly declining production profile that will need to be addressed. The value destruction from asset fire sales needs to stop. We believe ABX should use its current strong NAV multiple for M&A." Mr. Lesiak maintains his "sell" rating and is cutting his target price to $13.50 from $14. Raymond James analyst Phill Russo rated Barrick Gold "market perform" in the Eye column on Sept. 23, 2014. The shares were then worth $17.

© 2024 Canjex Publishing Ltd. All rights reserved.