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Investing.com - Scotiabank has raised its price target on Barrick Mining (NYSE:B) to $26.00 from $25.00 while maintaining a Sector Perform rating on the stock. The mining giant, currently trading at $23.50 and boasting a market capitalization of $40.11 billion, has seen its shares surge over 53% year-to-date, approaching its 52-week high of $23.58.
The price target increase reflects additional value attributed to the Fourmile deposit, which continues to show exploration upside. Barrick management indicated the potential to double the current resource by year-end based on recent drilling results. According to InvestingPro analysis, the company maintains a perfect Piotroski Score of 9, indicating exceptional financial strength and operational efficiency.
Scotiabank noted that for Barrick’s valuation to improve, the company needs to deliver on its operating targets, with critical performance expected in the second half of 2025. During this period, Barrick is projected to produce 54% of its annual production at significantly lower costs compared to previous quarters.
The key operating drivers for the anticipated improvement are expected to come from NGM, Kibali, and Pueblo Viejo operations, according to the research note.
The Fourmile deposit, located in Nevada, is expected to ultimately add significant value to the company, though Scotiabank maintained its Sector Perform rating pending delivery of operating results.
In other recent news, Barrick Mining reported second-quarter adjusted earnings per share of $0.47, slightly surpassing the consensus estimate of $0.46. The company also recorded free cash flow of $395 million, which was in line with expectations. Barrick announced a quarterly dividend of $0.15 per share, adhering to its Performance Dividend Policy. Jefferies upgraded its price target for Barrick Mining to $30, maintaining a Buy rating, following the earnings report. Additionally, Barrick appointed former Shell CEO Ben van Beurden as Lead Independent Director, replacing Brett Harvey. CEO Mark Bristow commented that potential U.S. tariffs on gold bars would have minimal impact on mining companies. Meanwhile, gold mining stocks, including Barrick Mining, saw a rise after U.S. officials confirmed tariffs on certain gold bars. Barrick continues its share buyback program, further indicating its financial strategy.
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