Barclays analyst Matthew Murphy raised the firm’s price target on Barrick Gold to $26 from $23 and keeps an Overweight rating on the shares. While economic growth has remained better than expected, gold is a good hedge against further deterioration in the outlook, says the analyst, who continues to prefer gold over copper equities. A soft economic landing is possible, but monetary tightening is not done yet, contends Barclays.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on GOLD:
- Barrick makes initial payment of $3 million to Balochistan
- Reserve Replacement and New Opportunities Secure Kibali’s +10-Year Plan
- Barrick’s Loulo-Gounkoto Complex Continues to Deliver Value to Stakeholders
- Barrick’s Tanzanian Assets Deliver Record Production and Create Long-Term Value
- Barrick Gold says Tanzania gold mines produce 547,000 ounces in 2022