JPMorgan Initiates Barrick Mining (B) at Overweight with $68 PT on Bullish Gold Outlook
Barrick Mining Corporation (NYSE:B) is one of the most undervalued large cap stocks to invest in now. On January 29, JPMorgan initiated coverage of Barrick Mining with an Overweight rating and a $68 price target, underpinned by a bullish stance on gold driven by central bank demand and US policy uncertainty. The firm highlighted Barrick Mining’s world-class reserve base and strong organic growth potential in the near term as key advantages. Furthermore, the firm noted that the company’s stock is currently trading at a significantly larger discount relative to its global peers than historical norms, suggesting a compelling valuation opportunity for investors as the company will use its scale in a favorable precious metals environment.
On January 23, Canaccord raised the price target on Barrick Mining Corporation (NYSE:B) to C$80 from C$70 while maintaining a Buy rating on the shares.
Additionally, on January 19, Bank of America analyst Lawson Winder also raised the firm’s price target for Barrick Mining to $58 from $50 with a Buy rating as part of a broader upward revision for the North American precious metals sector. The firm noted that the macroeconomic factors driving gold prices have intensified, strengthening the case for higher valuations across the group. Additionally, BofA anticipates that Barrick Mining will deliver strong capital returns to shareholders in Q4.
Barrick Mining Corporation (NYSE:B) explores, develops, produces, and sells mineral properties. The company explores for gold, copper, silver, and energy materials.
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Disclosure: None. This article is originally published at Insider Monkey.
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