UBS on Wednesday raised its rating on the shares of Barrick Gold (ABX.TO, GOLD) to buy from neutral with a US$22.00 price target.
"We believe 2025 will be the low for production and we see modest downside to unit costs medium-term. ABX has a poor record of delivery against guidance for the last 4 years; it will take time for it to rebuild a track record of hitting guidance and we think proof will be in the delivery. But we view expectations as low, and 2025 guidance as likely conservative; guidance over the next 2-3 years has been re-set lower and a restart in Mali should trigger consensus earnings upgrades," the investment bank noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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