Barrick Gold Corp. (ABX.TO) has seen some decent gains this summer as the bullion price catapulted to fresh records, the Globe and Mail reported. CIBC World Markets Inc. analyst Barry Cooper sees further gains in the stock over the next year, but was cited as saying in a research note today that investors should remain cautious as the miner diversifies its cash flow with copper.
Mr. Cooper also noted that while Barrick may appeal to value investors, he doesn't think the stock will find a lot of favour with gold bugs. "With a growth profile in bullion that is a few years off, we think that ABX will not garner enough investor interest to have it as an overweight position."
CIBC World Markets downgraded the stock to "sector performer" from "sector outperformer" while slashing the price target by US$8 to US$63.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
