The Globe and Mail reports in its Wednesday, Aug. 3, edition that Citi analyst Alexander Hacking has commenced coverage on Barrick Gold ($29.74 (Canadian)) with a "buy" rating. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking targets the shares at $29 (U.S.). Analysts on average target the shares at $21.98 (U.S.). Mr. Hacking says in a note: "We are positive on ABX and believe it provides the most near-term upside driven by its aggressive turnaround efforts. ABX should generate the highest ROE and ROIC [return on equity and return on invested capital] of its peers and is poised to generate free cash flow even down to $1,000/oz gold. Barrick has executed well on its targets and asset sales have been largely successful. The company was able to hit its $3-billion debt reduction goal for 2015 and plans a further reduction of $2-billion in 2016." The analyst says gold appears to be "well supported" at its current levels, citing the world's central banks pursuit of a lower interest rate strategy. He says, "Yet, we are not inclined to aggressively chase the recent rally, especially given that technical positions are very long."