CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We increase our 12-month target by CAD1 to CAD77, on an EV/EBITDA of 5.3x applied to our 2027 EBITDA estimate, vs. Barrick's three-year avg. fwd EV/EBITDA of 5.2x and peers' avg. of 5.7x. We raise our 2026 EPS estimate by USD0.24 to $4.04 and 2027 by USD0.38 to USD4.63. Production guidance is maintained at 2.90-3.25M gold ounces and 190-220k tonnes of copper, with sequential increases through the year. A strong fundamental position is underpinned by robust FCF generation, with Q1 FCF surging 195% Y/Y to $1.2B, reflecting significant operating leverage to higher gold prices. The balance sheet remains strong with $2.4B in net cash. Key growth catalysts include the Lumwana expansion (Q1 2028 first production), advancing Fourmile project (potential Tier-One asset), and the planned year-end North American IPO, which should unlock value. With improving operational consistency, a de-risked portfolio focus, and strong leverage to gold prices, we believe Barrick is well-positioned to deliver sustainable value creation.