UPDATE: HSBC Upgrades Barrick Gold Following Key Developments in Q3

In a report published Monday, HSBC Global Research analyst Patrick Chidley upgraded the rating on

from Neutral to Overweight, and raised the price target from $21.00 to $21.10. In the report, HSBC Global Research noted, “We forecast adjusted EPS of USD0.55, down 16% from Q2, but actually reasonably strong operating result, given weaker metals prices. Our forecast is based on equity gold production of 1.82moz at cash costs of USD577/oz. Key developments in Q3 included the sale of the Yilgarn South assets to Gold Fields, a slower ramp-up at Pueblo Viejo and a positive ruling on Pascua Lama, upholding Barrick's permit, although, as Reuters reports, the local Antofagasta Court of Appeals recently accepted a new appeal on environmental grounds.” Barrick Gold Corporation closed on Friday at $18.52.