UBS upgraded Barrick Gold (GOLD) to Buy from Neutral with an unchanged price target of $22. The firm remains constructive on gold and believes Barrick shares offer “compelling value.” The company’s 2025 guidance is conservative and a Mali restart would act as a positive catalyst for the stock, the analyst tells investors in a research note. UBS believes 2025 will be the low for Barrick’s production and sees modest downside to unit costs medium-term.
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