Barrick Mining: New Name, Same Bullish Story, Hiking My Price Target

Summary

  • Barrick Mining remains undervalued with a strong earnings outlook, supported by robust gold and copper prices and improved profitability trends.
  • Recent quarterly results showed top-line growth, high free cash flow, and reaffirmed production guidance, with significant EPS upgrades from analysts.
  • Technical indicators are bullish, with shares near multi-year highs and a breakout in momentum potentially triggering further upside to $29.
  • I maintain a buy rating, raising my price target to $32, but note execution, cost management, and gold price volatility as key risks.

Terraced Mining Pit with Turquoise Water

baranozdemir

Gold prices have consolidated since the middle of April. The intraday spike to $3,500 per ounce occurred on April 22, now more than three months ago. All the while, global stocks have been on the rise, resulting in sharp underperformance for the

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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