Market Overview

UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Barrick Gold Corporation on Revised EPS Estimates

Share:
Related ABX
Market Rally Doesn't Take The Shine Off Gold, Argus Boosts Barrick Gold Price Target
Morgan Stanley Initiates Goldcorp At Overweight, Favors Name Over Barrick Gold And Newmont Mining
The Huge Attraction Of Gold And Silver Royalty And Streaming Companies (Seeking Alpha)

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

DateFirmActionFromTo
Aug 2016Morgan StanleyInitiates Coverage onEqual-weight
Aug 2016BarclaysMaintainsEqual-weight
Aug 2016CitigroupInitiates Coverage onBuy

View More Analyst Ratings for ABX
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

Related Articles (ABX)

View Comments and Join the Discussion!