08:30 AM EDT, 10/27/2025 (MT Newswires) -- RBC Capital Markets Monday raised Barrick Gold's ( B ) price target to US$40 from $38 with an outperform rating amid reports that the company has emerged as a potential M&A target of rival Newmont (NGT.TO).

Newmont is evaluating options including either acquiring Barrick's Nevada portfolio or pursuing a full takeover, Bloomberg News reported Oct. 24. Reports also indicated that Barrick itself has studied a breakup, RBC said.

Despite having indicated a low preference for M&A, RBC said Newmont could be motivated to advance discussions with Barrick given the highly logical nature of a deal, Barrick's current CEO vacancy, and growing complexity associated with Newmont's acquisition of the Fourmile joint venture.

RBC said it continues to view Barrick shares as discounted and see potential for upside on a standalone, break-up, and M&A basis.

Barrick's share price fell 3.1% at last look to $31.50 in New York Stock Exchange pre-market trading.