Boston, MA 07/11/2014 (wallstreetpr) – Analysts at RBC Capital have modified their price outlook on the stock of Barrick Gold Corporation (USA) (NYSE:ABX). The analysts who originally expected the stock to hit $28 per share within the next 12 months changed their mind and now believe the stock can only achieve $23 within the same period.
However, RBC Capital maintained their rating on the stock at Outperform.
The other mining stocks modified by RBC Capital include Pan American Silver Corp. (USA) (NASDAQ:PAAS), which saw its price target adjusted from $16 to $18. Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) also had its price modified from $11 to $10.
A part from RBC Capital that lowered their price view on the stock of Barrick Gold Corporation (USA) (NYSE:ABX) in their latest note to investors, other analysts appear to be bullish on the stock of ABX.
The ticker was raised to $20.50 from $20 at Morgan Stanley (NYSE:MS) in a note issued this week.
Analysts at Zacks upgraded the stock of Barrick Gold (NYSE:ABX) to Neutral from Underperform in their most recent note on the stock. They have a price target of $18 on the stock.
Analysts at Credit Suisse have also recently weighed in on the stock. They raised their price target from $20 to $21 in the most recent note on the stock of Barrick Gold Corporation (USA) (NYSE:ABX).
In view of the above analyst actions, Barrick Gold (NYSE:ABX) carries a consensus Hold rating and an average price target of $20.22. That reflects observations from at least 19 analysts who are currently covering the ticker.
Barrick Gold Corporation (USA) (NYSE:ABX) is undergoing a slimming process. The company is selling non-performing assets towards its broader goal to reduce its financial burden while unlocking funds for other projects. The sale of underperforming assets is expected to help the company repair its balance sheet by paying down its bloated debt while also boosting returns to shareholders.