Barrick Gold (T.ABX) rating downgraded by Canaccord, stock down 1.9%

Stockhouse Editorial
0 Comments| January 13, 2014


Canaccord Genuity has downgraded its rating on Barrick Gold Corp. (TSX: T.ABXStock Forum), which saw its stock price fall 1.9% to $19.44  on Monday.

At current levels, Barrick has a market cap of $22.7 billion, based on 1.2 billion shares outstanding. The 52-week range is $34.71 and $14.22.

“Our target multiple fully reflects Barrick’s numerous positive attributes; we just do not see the value proposition for Barrick at current metals prices,’’ wrote Canaccord analyst Tony Lesiak in a research report.

Lesiak has reduced his price target for the world’s leading gold producer to $17.50 per share from $20.50.

Tags: GOLD

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