UBS downgraded Barrick Gold (GOLD) to Neutral from Buy with a price target of $22, down from $23. The firm says that although gold price momentum remains positive and it expects further upward revisions to consensus gold prices, it sees downside risk to Barrick’s volume and cost assumptions. It downgrades the shares ahead of the Q3 results, noting the company’s Q2 production results were weaker than expected.
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