Barrick Gold's Golden Cross Opportunity — Analyst Sees 'Ample Opportunity For Catch Up' Post Q1
Portfolio Pulse from Surbhi Jain
Barrick Gold Corp (NYSE:GOLD) exceeded Q1 earnings expectations with an adjusted EPS of $0.19, surpassing the $0.15 estimate, and reported sales of $2.747 billion. Despite missing Q1 production targets, the company maintains its 2024 outlook for steady gold production increases. BMO Capital Markets analyst Jackie Przybylowski highlights Barrick's potential for 'catch up' and growth, maintaining an Outperform rating with a target price of $26. The company's strategic initiatives and a recent Golden Cross formation in its stock indicate a bullish trend.
May 02, 2024 | 4:21 pm
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POSITIVE IMPACT
Barrick Gold Corp reported strong Q1 earnings and maintains a positive outlook for 2024, with strategic growth initiatives and a bullish Golden Cross formation in its stock.
Barrick Gold's Q1 earnings beat and positive outlook for 2024, combined with the Golden Cross formation, suggest a strong bullish sentiment. The company's strategic initiatives for growth in gold and copper production, along with the analyst's Outperform rating and $26 target price, further support a positive short-term impact on the stock. The Golden Cross, a reliable technical indicator of a potential bullish trend, adds to the optimism surrounding GOLD's stock performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100