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Dahlman Rose & Co. has a Hold rating on Barrick Gold Corporation (
USA)
ABX.
In a note to clients, Dahlman writes, "Management maintains its previous guidance for 2010 of between 7.65MM to 7.85MM ounces at a cash cost of approximately $455 per ounce. Management noted that the company's five year target of producing 9.0 million ounces is not going to be achievable without challenges and requires that crucial projects such as Pueblo Viejo and Pascua-Lama remain on schedule. Barrick has authorized a fourth quarter dividend of 12 cents per share, consistent with the dividend declared in the third quarter. Management noted that it intends to utilize cash at hand to continue to invest in existing projects."
Shares of ABX gained $1.42 yesterday to close at $47.02, a gain of 3%.
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