Bank of America Cuts Barrick Mining (NYSE:B) Price Target to $56.00

Key Points

• Bank of America cut its price target on Barrick Mining from $58 to $56 while keeping a buy rating. The new target still implies about 57% upside from the stock’s current price.
• Other analysts remain generally constructive, with Barrick carrying a consensus “Moderate Buy” rating and an average target price of $53.77. Recent calls have been mixed, however, with some firms lowering targets or ratings.
• Barrick reported Q1 earnings of $0.98 per share, topping estimates, but revenue of $4.11 billion missed expectations. The stock opened at $35.66 and has been pressured recently by weaker gold prices.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its price objective decreased by equities researchers at Bank of America from $58.00 to $56.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the gold and copper producer's stock. Bank of America's target price points to a potential upside of 57.05% from the stock's current price.

Other analysts have also issued research reports about the stock. Barclays assumed coverage on shares of Barrick Mining in a report on Thursday, May 21st. They set an "equal weight" rating and a $41.00 target price for the company. Weiss Ratings cut Barrick Mining from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. UBS Group dropped their price objective on Barrick Mining from $54.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Canadian Imperial Bank of Commerce reduced their target price on Barrick Mining to $63.00 and set an "outperformer" rating on the stock in a report on Tuesday, April 21st. Finally, ATB Cormark Capital Markets lowered Barrick Mining from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.77.

Barrick Mining Stock Performance

Shares of Barrick Mining stock opened at $35.66 on Thursday. The firm has a market cap of $59.31 billion, a P/E ratio of 9.85, a P/E/G ratio of 1.05 and a beta of 0.48. Barrick Mining has a fifty-two week low of $20.52 and a fifty-two week high of $54.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.06 and a quick ratio of 2.44. The firm has a 50 day simple moving average of $40.24 and a 200 day simple moving average of $43.46.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.18. The business had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The business's revenue for the quarter was up 66.7% compared to the same quarter last year. Sell-side analysts predict that Barrick Mining will post 3.78 earnings per share for the current fiscal year.

Institutional Trading of Barrick Mining

Several hedge funds have recently bought and sold shares of the stock. Financial Consulate Inc. increased its position in shares of Barrick Mining by 1,042.0% during the fourth quarter. Financial Consulate Inc. now owns 571 shares of the gold and copper producer's stock worth $25,000 after acquiring an additional 521 shares in the last quarter. Westside Investment Management Inc. bought a new stake in Barrick Mining in the 4th quarter valued at $25,000. Intesa Sanpaolo Wealth Management acquired a new position in Barrick Mining in the 4th quarter worth $26,000. Ascentis Independent Advisors acquired a new position in Barrick Mining in the 1st quarter worth $28,000. Finally, JPL Wealth Management LLC bought a new position in Barrick Mining during the 3rd quarter worth about $28,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Barrick Mining

Here are the key news stories impacting Barrick Mining this week:

• Positive Sentiment: Some coverage argues Barrick remains attractive after recent weakness, with analysts and commentators questioning whether the stock is still a bargain given its cash generation and low valuation. Is Barrick Mining TSX: ABX Fully Priced, Or Still A Bargain?
• Positive Sentiment: Articles highlighting Barrick’s IPO plans and cash-flow-linked dividend suggest management is trying to unlock value and reward shareholders, which can support the investment case. Barrick Mining TSX: ABX Introduces Cash Flow Linked Dividend And Plans Asset IPO
• Positive Sentiment: Gold-focused commentary remains constructive, with one piece asking whether now is the time to buy Barrick alongside other precious-metals names as the gold outlook turns more favorable. Gold expert turns bullish! Is now the time to buy Barrick Mining, Desert Gold, and First Majestic Silver?
• Neutral Sentiment: Barrick is also being discussed in broader sector articles about Mali and risk premia, but these are more about industry positioning than a clear company-specific catalyst. Immediate cash flow: Desert Gold is making the big leap and Barrick Mining and B2Gold continue to bet on Mali
• Negative Sentiment: Gold price weakness is the main near-term drag, with reports saying Barrick shares slipped as softer bullion prices pressured the broader precious-metals group. Barrick Mining TSX: ABX Following Gold Weakness Is The Bull Case Still Cheap
• Negative Sentiment: Another note specifically said Barrick weakened in pre-market trading as gold prices continued to decline, reinforcing that the stock is being traded as a gold proxy today. Barrick Mining Shares Weaken as Gold Prices Extend Decline (B)

About Barrick Mining

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company's activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.