The Globe and Mail reports in its Friday, May 17, edition that Macquarie's Tony Lesiak has downgraded Barrick Gold ($19.61) to "underperform, from "neutral" (all figures Canadian unless otherwise stated). The Globe's Darcy Keith and Shirley Woon write in the Eye On Equities column that when Mr. Lesiak says "underperform," he really means sell. The analyst trimmed his price target on the shares to $18 from $21.50. According to Bloomberg News, the average Street target stands at $28.79. Mr. Lesiak describes Barrick as a mature company with few opportunities to grow, especially given already high debt levels. The Globe notes that Mr. Lesiak was not impressed with new terms that were agreed to earlier this month with the Dominican Republic over the Pueblo Viejo mine. The deal resolved an acrimonious dispute over whether the Caribbean country received a fair royalty deal. The new agreement will increase the rate of payments to the Dominican Republic, helping the government address its budget deficit by providing an additional $1.5-billion (U.S.) over the life of the mine. Canaccord Genuity analyst Steven Butler turned bearish on Barrick in The Globe on Jan. 18, 2012. The shares could then be had for $48.75.