| Barrick Gold Corporation - ABX.t is the world’s largest gold producer, with a portfolio of 27 operating mines and advanced exploration and development projects located across five continents.|
The Globe and Mail reports in its Saturday, Feb. 24, edition that CIBC World Markets analyst David Haughton, seeing a dearth of new catalysts, cut Barrick Gold to "neutral" from "outperformer," following its Investor Day event in New York on Thursday. The Globe's David Leeder writes in the Eye On Equities column that Mr. Haughton trimmed his share target to $17 (U.S.) from $20 (U.S.) to reflect "the modest outlook and current spot." Analysts on average target the shares at $17.03 (U.S.). Mr. Haughton says in a note: "Barrick unveiled more details for the core development projects, but fell short on providing a fresh strategy to further unlock the potential of the existing asset portfolio that could carry the company forward with a sustainable production profile. Maintaining investment discipline and profitability is welcomed, but Barrick's valuation looks rich (at 1.8 times NPV [net present value] versus peers at 1.5 times at spot) on the current declining production profile."