Barrick Gold +1.9% at the open after RBC upgrade

Barrick Gold (ABX +1.9%) is upgraded to Outperform from Sector Perform with a $28 price target, up from $24, at RBC Capital, as the firm revises its long-term gold and silver price assumptions.

RBC believes ABX has the ability to outperform peers as a result of increasing free cash flow through execution on its mine plan revisions, continued divestment of higher-cost assets such as African Barrick Gold, and advancement of its longer-term development projects including Goldrush and Pascua-Lama.

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