Barrick Mining

B · TORONTO

$38.14−$0.51 (−1.32%)TodayMarket closed · Oct 23, 7:56 PM ET

Prev close $38.65

B analyst rating

BuyConsensus of 11 analysts over the last 12 months. 64% rate it a buy.

Strong buy0
Buy7
Hold4
Underperform0
Sell0

12-month price target · 17 analysts

Average $54.06 (+41.7% upside)

Low: $41.01
Now: $38.14
High: $75.75

Upgrades and downgrades

The latest rating actions, newest first

B analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Freedom Broker	Oct 22, 2026	Downgrade	Buy → Hold	$54.00 → $46.00	66%
JP Morgan	Oct 21, 2026	Maintains	Overweight	$52.00 → $55.00	60%
CIBC	Oct 16, 2026	Downgrade	Outperformer → Neutral	$49.00	69%
RBC Capital	Sep 16, 2026	Maintains	Outperform	$49.00 → $53.00	49%
Bernstein	Sep 9, 2026	Maintains	Outperform	$61.00 → $56.50	59%
Citigroup	Sep 3, 2026	Initiates	Neutral	$45.00	61%
JP Morgan	Aug 14, 2026	Maintains	Overweight	$50.00 → $52.00	60%
Barclays	Aug 13, 2026	Maintains	Equal-Weight	$39.00 → $42.00	59%
Scotiabank	Aug 12, 2026	Maintains	Sector Outperform	$57.00 → $55.00	67%
B of A Securities	Aug 11, 2026	Maintains	Buy	$56.00 → $54.00	61%

The case for and against

Updated Mar 13, 2026

Bull case

Barrick Mining's strong operational foundation is highlighted by its substantial reserves, with approximately two decades of gold reserves and significant copper holdings, positioning the company favorably in the metals market. The development of the Fourmile project is expected to leverage existing infrastructure, resulting in low capital intensity and improved production costs, further enhancing Barrick's cost management strategy. Additionally, the company's guidance for stable production from its Nevada Gold Mines over the next decade, along with exploration potential, is likely to sustain output levels and suggests a promising outlook for long-term growth.

Bear case

Barrick Mining's financial outlook is negatively impacted by high EBITDA multiples in its Nevada Gold Mines and Copper segments, primarily due to a lack of near-term production from its Fourmile and Reko Diq projects. Additionally, the company's shares are trading at a slight discount to their worst-case breakup value, with non-Nevada assets reflecting an implied value of less than 0.4 times NAV, indicating market skepticism about their prospects. Furthermore, the company's operations are significantly exposed to elevated geopolitical risks and security challenges, particularly affecting employee and community safety in regions like Papua New Guinea.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.