Sterne Agee Reiterates Neutral Rating on Barrick Gold
In a report published Monday, Sterne Agee Group reiterated its Neutral rating on Barrick Gold (NYSE: ABX).
Sterne Agee noted, “Newly appointed CEO Jamie Sokalsky had to deliver disappointing news, but much needed clarity and direction. While the industry struggles with capital allocation direction and volume growth, Barrick's underperforming Equinox purchase and a shockingly recalculated Pascua capital cost estimate now appear to have been well discounted. Shares oversold, but may be range bound relative to peers.”
Barrick Gold closed on Friday at $32.73.
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