Barrick Gold Corp Upgraded to Overweight by HSBC (ABX)
Barrick Gold Corp (NYSE:ABX) was upgraded by analysts at HSBC from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $21.10 price target on the stock, up from their previous price target of $21.00. HSBC’s price target would suggest a potential upside of 13.93% from the company’s current price.
The analysts wrote, “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.”
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group raised their price target on shares of Barrick Gold Corp from $15.00 to $17.00 in a research note to investors on Friday, October 4th. They now have a “hold” rating on the stock. Separately, analysts at Deutsche Bank upgraded shares of Barrick Gold Corp from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, October 2nd. They now have a $30.00 price target on the stock, up previously from $20.00. Finally, analysts at Zacks upgraded shares of Barrick Gold Corp from an “underperform” rating to a “neutral” rating in a research note to investors on Thursday, September 26th. They now have a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $25.65.
Barrick Gold Corp (NYSE:ABX) traded up 1.94% on Monday, hitting $18.88. 2,960,954 shares of the company’s stock traded hands. Barrick Gold Corp has a one year low of $13.43 and a one year high of $40.80. The stock has a 50-day moving average of $18.4 and a 200-day moving average of $18.77. The company’s market cap is $18.902 billion.
Barrick Gold Corp (NYSE:ABX) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.12. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. Analysts expect that Barrick Gold Corp will post $2.64 EPS for the current fiscal year.
Barrick Gold Corporation (NYSE:ABX) is engaged in the production and sale of gold, as well as related activities.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.