Market confidence in Barrick Gold Corporation (TSX: ABX) has received a significant lift. Analysts at National Bank Financial have substantially increased their price target for the mining giant’s shares from CAD 65 to CAD 77.50, while reiterating their “Outperform” rating. This revised target suggests an upside potential of approximately 37 percent from the recent closing price of CAD 56.47, reflecting a bullish stance on the company’s prospects.
Robust Financial Performance Provides Foundation
The upgraded outlook is underpinned by Barrick’s solid operational and financial results. For the third quarter of 2025, the company reported revenue of roughly USD 4.1 billion, a notable increase from USD 3.4 billion in the prior-year period. Net earnings surged to USD 1.3 billion, compared to USD 483 million a year earlier. This performance was driven by a combination of higher realized gold prices and improved production efficiency across its portfolio.
Operational stability has been a key focus. The Loulo-Gounkoto complex in Mali, which has faced periodic security challenges, is now running consistently, securing a vital revenue stream. Barrick is actively working on extending the mine’s life and integrating renewable energy sources to achieve further cost reductions.
Strategic Moves Could Unlock Shareholder Value
A major catalyst under consideration is a potential corporate restructuring. Barrick is reportedly evaluating a strategic separation of its core North American assets. This initiative centers on the Nevada Gold Mines joint venture and the high-grade Fourmile project.
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The strategic rationale is to unlock shareholder value by isolating these top-tier, low-risk jurisdictions from its broader global portfolio. Gold assets located in North America typically command higher market valuations than those of diversified global miners. A successful spin-off could lead to a significant re-rating of the separated entities and the remaining company.
Favorable Market Backdrop
The broader commodity environment continues to provide a tailwind. Gold prices remain at historically elevated levels, which directly supports Barrick’s free cash flow generation. This supportive macro context, combined with the “Outperform” analyst rating and the potential for strategic portfolio actions, positions Barrick shares as having multiple catalysts for potential growth in the coming quarters.
The overall analyst consensus for Barrick Gold continues to lean toward a positive recommendation, citing the company’s resilient margins and operational execution despite persistent global inflationary pressures.
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