Update: Scotia Capital Lowering Price Target Barrick Gold

Scotia Capital is out with a research report on Barrick Gold Corporation (NYSE: ABX) and is lowering its price target to Sector Perform, and is lowering its price target to $59 from $60.

In a note to clients, Scotia Capital writes, "Gold production came in at 1.98 Moz at total cash costs of $445/oz compared to our estimate of 1.9 Moz at cash costs of $465/oz. Copper production was 93 Mlb at cash costs of $1.56/lb, vs. our forecast of 75 Mlb at $1.25/lb (higher copper production due to one month of Lumwana production we were not modelling). The company maintained its guidance of 2011 production in the range of 7.6-8.0 Moz at cash costs of $450-$480/oz."

Shares of ABX are up 88 cents in pre-market trading to $48.90.