11:55 AM EDT, 04/16/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by $1 to $17, assuming an EV/EBITDA of 6.8x our 2024 EBITDA estimate, which is a premium to GOLD's three-year average forward EV/EBITDA of 6.2x but close to peers, trading at an average forward EV/EBITDA of 7.0x. We raise our 2024 EPS estimate by $0.03 to $1.01 and our 2025 EPS forecast by $0.15 to $1.31. GOLD is weaker today (trading down by around 6%) after the company reported preliminary Q1 production and sales figures that were below consensus. GOLD announced Q1 preliminary production of 940 thousand ounces of gold and 40 thousand tonnes of copper and Q1 sales of 910 thousand ounces of gold and 39 thousand tonnes of copper. GOLD reiterated full-year gold and copper guidance, reminding investors that production is expected to progressively increase each quarter throughout 2024, as the Pueblo Viejo plant expansion ramps up. Separately, we have concerns about the elevated risk of resource nationalism in Mali (where Barrick owns and operates the Loulo-Gounkoto gold mine).