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Investing.com - BMO Capital raised its price target on Barrick Gold (TSX:ABX) (NYSE:GOLD) to C$41.00 from C$37.00 on Monday, while maintaining a Market Perform rating on the stock.
The firm noted that the Nevada Gold Mines (NGM) district, described as "the biggest gold district on the planet," is showing signs of improvement after facing cost inflation and investment cycle challenges in recent years.
BMO Capital highlighted "impressive drill results from Fourmile, a rising production trajectory, and medium-term cost reduction plans" as indicators that NGM has a promising future with additional upside potential.
The analysts made adjustments to their NGM model and significantly increased their valuation of the Fourmile project to approximately $9 billion, adding about $6 billion in value.
This revised outlook contributed to the 11% increase in BMO Capital’s price target for Barrick Gold stock, though the firm maintained its neutral Market Perform rating.
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