Barrick Gold price target lowered to $23 from $24 at Raymond James

Raymond James lowered the firm’s price target on Barrick Gold (GOLD) to $23 from $24 and keeps an Outperform rating on the shares. Barrick’s no-premium deal with Randgold (RANGY) provides more tier-one assets and free cash flow, but also increases Barrick’s jurisdictional risk given Randgold’s large African portfolio, and the creation of the Nevada joint venture with Newmont (NEM) consolidates management at the world’s largest gold complex and provides the opportunity to create meaningful synergies, the analyst tells investors in a research note.