UDPATE: Jefferies Lowers PT on Barrick Gold Corporation from $53 to $43
Jefferies maintained a Buy rating on Barrick Gold Corporation (NYSE: ABX) and lowered its price target from $53 to $43.
Jefferies wrote, “Barrick announced that Pascua-Lama capex assumptions have been raised 50-60 per cent above the current guidance of $5b. In hindsight, market suspicions that Aaron Regent's dismissal was about more than was revealed by the company have proved valid. While very disappointing, we believe this has already largely been reflected in the stock. And, it is certainly rational for a new CEO to publish targets that are likely extra conservative.”
Barrick Gold Corporation closed at $32.73 on Thursday.
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