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

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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
Mar 2015JefferiesMaintainsHold
Feb 2015JP MorganMaintainsNeutral
Feb 2015BarclaysMaintainsUnderweight

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