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BofA/Merrill Lynch Maintains Neutral Rating Barrick Gold (ABX) on Following Q3 EPS 'Beat'

October 30, 2014 9:15 AM EDT
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Price: $13.54 --0%

Rating Summary:
    5 Buy, 17 Hold, 2 Sell

Rating Trend: = Flat

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BofA/Merrill Lynch analyst Michael Jalonen reiterated a Neutral rating on Barrick Gold (NYSE: ABX) with a price target of $16.50 following a Q3 EPS beat on higher gold sales and lower cash costs.

Jalonen notes for 2014, Barrick tightened its gold production forecast to 6.1-6.4mn ozs from 6.0-6.5mn oz. Adjusted operating costs were maintained at $580-$630/oz for 2014. However, AISC was reduced from $900-$940/oz to $880-$920/oz, the second reduction in AISC cost guidance in 2014.

Net debt improved quarter-over-quarter and the company Barrick set out a number of priorities to drive shareholder value. These include: 1) Operational excellence; 2) Best asset and regions (focus on best assets in core regions); 3) Strong partnerships (with governments, suppliers and local communities); 4) Financial flexibility (restore balance sheet to a position of strength); and 5) Focus on returns (improve free cash flow generation and returns through operating efficiencies)

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 $12.83 yesterday.



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