The Globe and Mail reports in its Thursday, Oct. 16, edition that Citi is short-term bullish on gold, with analyst Alexander Hacking stating that valuation analysis is less relevant, as equities will rise with gold prices and vice versa. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking updated his stock forecasts to reflect the firm's new gold price assumptions, projecting an average of $3,400 per ounce in 2025. His third quarter estimates are now slightly below consensus as gold prices continue to rise (all figure U.S.). Mr. Hacking has reaffirmed his "neutral" recommendation for Barrick Mining. Mr. Hacking gave his share target a $17 boost to $38. Analysts on average target the shares at $38.37. Mr. Hacking says in a note: "Positive factors include low operating costs, a stable balance sheet, new management with a strong operating track record and potential upside from synergies at the new Nevada JV. Negative factors include some challenging legacy assets, geopolitical risk, challenges to grow production from such a large base and limited FCF. On balance, we see equal upside and downside at current levels. ... Barrick remains an execution story with its valuation discounted vs peers."