Barrick Gold At A Crossroads: Strong Q4 Earnings Clash With Death Cross Signal
Portfolio Pulse from Surbhi Jain
Barrick Gold Corp (NYSE:GOLD) faces a technical bearish signal, the Death Cross, indicating potential downward trends despite strong Q4 earnings. The company outperformed expectations with $3.06 billion in revenue, increased gold and copper production, and an adjusted EPS of 27 cents. However, the stock has underperformed compared to gold spot prices and the S&P 500, with a 21% decline over the past year and a 22% drop YTD. Analysts remain optimistic, with BMO Capital setting a one-year price target of $27, suggesting a 90.27% upside.
February 15, 2024 | 2:50 pm
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Barrick Gold Corp faces a Death Cross, a bearish signal, despite exceeding Q4 expectations with strong earnings and production. The stock has declined over 21% in the past year and 22% YTD, but analysts see over 90% upside.
The Death Cross is a bearish signal that could lead to short-term price declines. However, the strong Q4 performance and optimistic analyst ratings, including a significant upside potential from BMO Capital, could counterbalance the negative technical indicator. The mixed signals make the short-term impact neutral, as the market may weigh the strong earnings against the technical bearish signal.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100