Movement Alert｜Barrick Mining Falls 3.03% in Regular Trading, RBC Slashes Target Price as Gold Sector Drops Broadly

Market Focus06-03

On June 3, Barrick Mining fell 3.03% in regular trading, trading at $41.83/share, with trading volume of $192 million.

On the news front, Royal Bank of Canada significantly cut its target price on Barrick Mining from $62 to $51, a reduction of approximately 18%, while maintaining its outperform rating. The FactSet consensus analyst mean target price stands at $57.42. The downgrade added stock-specific pressure on top of broader gold sector weakness.

The gold sector declined across the board, with Equinox Gold falling 6.25%, Coeur Mining down 5.5%, Agnico Eagle Mines dropping 2.83%, Kinross Gold losing 2.78%, and Newmont Mining declining 1.55%.

Additionally, the company is reportedly weighing a possible London listing for its African business, with an all-share transaction with Endeavour Mining also being considered as an option. Discussions remain at an early stage with no certainty of a deal materializing. Barrick had previously reported strong Q1 results with EPS of $0.98 beating estimates of $0.81 and approved a $3 billion buyback program.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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