Canaccord Genuity has downgraded its rating on Barrick Gold Corp.
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), 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.