Credit Suisse Believes Barrick Gold (GOLD) Won’t Stop Here


In a report issued on July 22, Fahad Tariq from Credit Suisse maintained a Buy rating on Barrick Gold (GOLD), with a price target of $30.00. The company’s shares closed last Tuesday at $29.59, close to its 52-week high of $30.20.

According to TipRanks.com, Tariq is a 5-star analyst with an average return of 31.4% and a 78.1% success rate. Tariq covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Kirkland Lake Gold, and Newmont Mining.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Barrick Gold with a $30.62 average price target, representing a 3.8% upside. In a report issued on July 13, RBC Capital also maintained a Buy rating on the stock with a $24.00 price target.

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Based on Barrick Gold’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.72 billion and net profit of $400 million. In comparison, last year the company earned revenue of $2.09 billion and had a net profit of $111 million.

Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GOLD in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Barrick Gold Corp. engages in the production and sale of gold and copper, as well as related activities such as exploration and mine development. It operates through the following segments: Barrick Nevada, Veladero, Pueblo Viejo, Lagunas Norte, Turquoise Ridge, Acacia, and Pascua-Lama. The company was founded by Peter D. Munk in 1983 and is headquartered in Toronto, Canada.

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