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

In a report published Wednesday, Citigroup reiterated its Buy rating on Barrick Gold Corporation

, but lowered its price target from $54.00 to $44.00. Citigroup noted, “We are lowering our 2013 estimate to $4.29 from $5.20 and 2014 estimate to $4.20 from $4.98. Nearly half of the $0.90 drop in our 2013 EPS forecast is driven by pricing and the remainder primarily stems from an increase in our unit cash cost assumption to $608/oz from $558/oz. While ABX has yet to provide 2013 guidance, we know that the newly commissioned Pueblo Viejo project may disappoint somewhat based on guidance provided by Goldcorp (40% JV partner) in January and that costs pressures remain a concern. We are decreasing our price target on ABX shares to $44/share from $54, in step with our downward EPS revisions. We value the stock based on a weighted average of multiple and DCF valuation, and we continue to apply an 11.5 multiple to EPS but we shift valuation out to 2014. Maintain Buy rating.” Barrick Gold Corporation closed on Tuesday at $32.49.