#4 - Barrick Gold (NYSE:GOLD)
Some analysts project gold prices could soar to between$2,900 and $3,000 a troy ounce by the end of 2025. And with the spot price of gold cracking the $2,700 mark as of this writing, those estimates may be too low. Central bank demand and concerns over a weak dollar are two catalysts pushing the price of the yellow metal higher.
That's bullish for gold mining stocks like Barrick Gold Corp. (NYSE: GOLD). The stock is up over 22% in the six months ending October 17, 2024. The company has a rock-solid balance sheet and is primed to take advantage of rising gold prices with investments in strategic expansion projects that a higher gold price makes possible.
GOLD stock, like physical gold, is likely to remain volatile. However, analysts are forecasting earnings growth of 38.5% in the next 12 months. That corresponds to a consensus Moderate Buy rating and a price target above $23, which would be a gain of approximately 18%.
About Barrick Gold
Barrick Gold Corporation is a sector-leading gold and copper producer. Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.
Read More - Current Price
- $16.85
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $23.90 (41.8% Upside)
