04:30:31 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,263,347
Close 2017-10-26 C$ 18.64
Market Cap C$ 21,739,148,788
Recent Sedar Documents

Globe say Barrick cut to "neutral" from "outperform"

2017-10-27 07:07 ET - In the News

The Globe and Mail reports in its Friday edition that Credit Suisse analyst Anita Soni says it is "time to take a pause" on Barrick Gold. The Globe's David Leeder writes that Ms. Soni, in the wake of Wednesday's release of third quarter financial results, downgraded the company's stock to "neutral" from "outperform." Barrick posted quarterly earnings per share of one-U.S.-cent loss, adjusted for a $143-million Tanzania tax payment and $101-million in debt repayment costs (all figures U.S.).Ms. Soni says in a note: "We believe the momentum on the rerating story is decelerating given that the heavy lifting on asset sales and balance sheet repair has been completed. We now believe that the focus will shift to the weaker operational results in 2017 year-to-date (Veladero spill, Turquoise Ridge ore issues and lower PV throughput due to sulfur in ore in Q3), value loss at Acacia and ABX's relative production profile versus peers over the next three years. As a result we are reducing our target NAV [net asset value] multiple to 1.7 times from 2 times (peer average is 1.85 times)." With the downgrade, Ms. Soni lowered her target for the stock to $19 from $22. Analysts on average target the shares at $19.62.

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