The Globe and Mail reports in its Friday, March 17, edition that RBC Dominion Securities analysts Stephen Walker and Melissa Oliphant upgraded Barrick Gold to "outperform" from "sector perform" as the miner improves its production and cost outlook. The Globe's David Leeder writes in the Eye On Equities column that analysts expect Barrick shares to reap the benefit of strong free cash flow generation over the next two years, "placing the company in a solid position to pay down debt and advance its organic growth projects." Mr. Walker and Ms. Oliphant say that for reasons including improved production and cost guidance, Barrick's 2016 reserve and resource update, its fourth quarter performance, and RBC's upward revisions on copper, they upgraded Barrick's net asset value per share target by 19 per cent to $13.53, increasing their share price target to $23 from $19 (all figures U.S.). Analysts on average target the shares at $20.18. The analysts add, "Our price target is based on unchanged multiples of 1.2x our net asset value and 18.0x our enterprise value/3-year average forward adjusted cash flow (equivalent to 11x our forward operating CF), in line with Barrick's North American large cap peers NEM, GG and AEM."