National Bank analyst Shane Nagle upgraded Barrick Mining (B) to Outperform from Sector Perform with a price target of C$51, up from C$36. The firm increased its EV/EBITDA target multiple citing recent cost control performance across Barrick’s assets, the “growing value of Fourmile both improving the growth outlook for the company and shifting more value into the company’s U.S.-based portfolio,” and an improving geopolitical risk profile.
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