TD Securities Upgrades Barrick Gold (ABX) to Buy

August 21, 2013 12:59 PM EDT
Get Alerts ABX Hot Sheet
Price: $17.82 --0%

Rating Summary:
    10 Buy, 14 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 8 | New: 5
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TD Securities upgraded Barrick Gold (NYSE: ABX) from Hold to Buy with a price target of $25.00 (from $19.00). Analyst Greg Barnes believes recent efforts, including a dividend cut, have will improve Barrick's balance sheet.

"In our view, the steps announced by the company prior to and with its Q2/13 results including a 75% cut in the annual dividend, the sale of Barrick Energy, a slow-down in capex spending on the Pascua Lama project, the reduction in SG&A, exploration and sustaining capital expenditures have all combined to substantially
lower the stress on the company’s balance sheet. As such, we no longer believe that we are justified in using the lowest target multiples within our large cap gold coverage universe to drive our Barrick target price," said Barnes.

For an analyst ratings summary and ratings history on Barrick Gold click here. For more ratings news on Barrick Gold click here.

Shares of Barrick Gold closed at $19.77 yesterday.

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