The Globe and Mail reports in its Wednesday, Nov. 29, edition that Citi analyst Alexander Hacking has reaffirmed his "neutral" recommendation for Barrick Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking gave his share target a $2 trim to $18 (all figures U.S.). Analysts on average target the shares at $21.37. While Mr. Hacking's updated valuation multiple for Barrick Gold remains discounted compared with peers after modest reductions to his financial forecast, he does not see "any immediate rerating catalyst." Mr. Hacking says in a note: "Upcoming investments in Lumwana and Reqo Diq will generate incremental growth in copper and gold with potential for NAV-appreciation, particularly Reqo Diq. Nonetheless, we do not expect equity investors to reward this until deeper into the investment cycle. Citi is broadly neutral on gold expecting prices to average $1,900 to $2,100/oz in 2024-2025 ... We are tactically neutral [on] bullion markets in the short-term as prices and Comex positioning have rebounded. Spot gold markets rallied $160 per ounce or 9 per cent in the past month amid rising military tensions in the Middle East and expectations that the Fed may be done hiking."