Analyst Maintains Hold on Barrick as Strong Q1 and Buybacks Offset Project Risks; C$65 Price Target Reaffirmed

BMO Capital analyst Matt Murphy maintained a Hold rating on Barrick Mining yesterday and set a price target of C$65.00.

Matt Murphy has given his Hold rating due to a combination of factors, including Barrick’s solid early-year execution and a still-balanced risk/return profile. The company posted a surprisingly robust first quarter and is on track for stronger output as key assets like Loulo ramp up and Kibali improves, while a newly introduced share repurchase program enhances an already attractive capital return framework.

At the same time, Murphy notes that ongoing capital-intensive projects, elevated spending at Reko Diq during its review period, and unresolved questions around the Fourmile integration with Newmont temper the upside. His unchanged C$65 target price, anchored in valuation multiples on net asset value and cash flow, reflects an expectation that Barrick will broadly track sector performance over the next year rather than outperform it meaningfully.

B’s price has also changed moderately for the past six months – from C$50.180 to C$64.400, which is a 28.34% increase.