UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Barrick Gold Corporation on Revised EPS Estimates
In a report published Friday, Citigroup reiterated its Buy rating on Barrick Gold Corporation (NYSE: ABX), but slightly lowered its price target from $44.00 to $43.00.
Citigroup noted, “We are revising our 2013 and 2014 EPS estimates down to $3.95 from $4.29 and to $4.00 from $4.20, respectively, to reflect Barrick's 2013 guidance. 2013 output is projected to decline slightly vs. 2012 with a guidance range of 7.0-7.4 mln oz. Operating costs are set to continue their upward trend. We model cash costs of $653/oz for the year (+12% vs. 2012) vs. guidance range of $610-660/oz. Our buy rating reflects ABX's discounted valuation vs other senior North American gold equities, which should narrow as Pascua lifts ABX's production profile to 8 mln ozs over the next several years, target to $43.”
Barrick Gold Corporation closed on Thursday at $32.41.
Latest Ratings for ABX
|Jan 2016||Credit Suisse||Maintains||Neutral|
|Jan 2016||Sterne Agee CRT||Upgrades||Neutral||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.