Barrick Gold was Upgraded to a Buy Rating at RBC Capital

By Carrie Williams

RBC Capital analyst Stephen Walker upgraded Barrick Gold (NYSE: ABX) to Buy today and set a price target of $23. The company’s shares closed yesterday at $19.02.

According to TipRanks.com, Walker is a 4-star analyst with an average return of 4.4% and a 43.4% success rate. Walker covers the Basic Materials sector, focusing on stocks such as Novagold Resources Inc New, Newmont Mining Corporation, and Hecla Mining Company.

Currently, the analyst consensus on Barrick Gold is Moderate Buy and the average price target is $23, representing a 20.9% upside.

In a report issued on March 14, Jefferies also reiterated a Buy rating on the stock with a $21 price target.

Based on Barrick Gold’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $2.32 billion and quarterly net profit of $425 million. In comparison, last year the company earned revenue of $2.26 billion and had a GAAP net loss of $2.62 billion.

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Barrick Gold Corp. engages in the production and sale of gold and copper, as well as related activities such as exploration and mine development. The firm produces gold mines in Canada, U.S., Peru, Argentina and the Dominican Republic and produces copper mine in Zambia. It operates through the following units: Cortez, Goldstrike, Lagunas Norte, Pueblo Viejo, and Valedero. The company was founded by Peter D. Munk in 1983 and is headquartered in Toronto, Canada.