The Globe and Mail reports in its Thursday, May 12, edition that Accountability Research analyst Harriet Li cut Barrick Gold to "hold" from "buy" based on share price appreciation. The Globe's David Leeder writes in the Eye On Equities column that Ms. Li, however, raised her share target to $24 from $13. Analysts on average target the shares at $20.80. Ms. Li says in a note: "We continue to view the company favourably given its continued focus on high-quality production, cost reduction, the divestiture of underperforming and high-cost assets and its improving balance sheet, which will lead to improved earnings and stronger cash flows going forward. With the company's best-in-class initiative, there is potential for further operational improvements and cost savings to be realized. On the deleveraging front, Barrick is targeting further debt reduction of $2-billion in fiscal 2016, following achievement of its debt reduction target of $3-billion last year." The Globe reported on April 11 that Credit Suisse rated Barrick "outperform." The shares could then be had for $19.75. The Globe reported on May 4 that Canaccord Genuity analyst Tony Lesiak rated Barrick "hold." Its shares could then be had for $23.33.