The equity of mining giant Barrick Gold continues its relentless ascent, trading near all-time highs. This surge is fueled by a historic gold price environment and robust operational cash generation. While the stock’s approximate 171% gain over 12 months may give some investors pause, the prevailing sentiment from market analysts remains unexpectedly bullish, suggesting the rally may still have room to run.
Upcoming Earnings Report in Focus
All eyes are now on the company’s scheduled financial release. Before the market opens on Thursday, February 5, 2026, Barrick will report its fourth-quarter and full-year results. Market experts anticipate a significant year-over-year profit leap, with revenue growth for the final quarter projected to exceed 40%.
This report is seen as a critical test for the stock’s elevated valuation. Investors will scrutinize not only the profit figures but also management commentary on political risks surrounding operations in Mali and development updates for the Reko Diq copper project in Pakistan. A confirmation of the prior quarter’s cash flow strength—$2.4 billion in operational cash flow was reported in Q3 2025—would provide fundamental justification for the current share price, which is hovering near its 52-week high of €41.09.
Should investors sell immediately? Or is it worth buying Barrick?
Unwavering Analyst Confidence
The optimism on Wall Street appears intact. As recently as last Friday, 15 brokerage firms reaffirmed their ratings on Barrick. The consensus is overwhelmingly positive: seven analysts maintain a “Buy” recommendation, while another seven advocate a “Strong Buy.” Only a single analyst currently advises a “Hold” position.
Notable institutions, including Citigroup, Scotiabank, and National Bank Financial, have upwardly revised their assessments in recent months. An interesting discrepancy exists, however: the average analyst price target currently lags behind the actual trading price. This gap indicates that the speed and magnitude of the rally have surpassed many forecasts, potentially prompting timely updates to financial models.
Gold Market Dynamics Provide Tailwinds
The primary catalyst for Barrick’s performance is the underlying commodity. Gold prices have recently climbed above $4,500 per troy ounce, supported by persistent geopolitical tensions and sustained purchasing from central banks worldwide. This favorable macro environment directly benefits producers like Barrick, translating record commodity prices into substantial financial results.
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