Deutsche Bank Downgrades Barrick Gold (ABX) to Hold
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Rating Summary:
5 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Deutsche Bank downgraded Barrick Gold (NYSE: ABX) from Buy to Hold with a price target of $16.00 (from $22.00).
Analyst Jorge Beristain said, "Despite an operationally solid 3Q14, we (again) are increasingly concerned on Barrick's ability to deleverage its balance sheet given headwinds facing the gold price, dimming prospects for its copper business and lack of strategic action on partnerships. We have removed from our model contributions for Pascua-Lama, a key gold growth project which we had anticipated would attract a strategic partner to help shoulder remaining capex toward a projected 1Q18E production start-up. Recent news of proposed higher royalties in Zambia will stretch its Lumwana copper mine and could result in further writedowns. We cut our PT from $22 to $16/share and rating from Buy to Hold."
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 $11.87 yesterday.
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