CIBC Upgrades Barrick Mining's Rating to Outperform, Keeps PT at $30.01

CIBC upgraded Barrick Mining Corporation's rating from Neutral to Outperform, keeping the price target at $30.01. The upgrade follows strong Q2 FY2025 results, with earnings per share reaching $0.47, the highest since 2013. Barrick's gold and copper production increased 5% and 34% sequentially, respectively. The company's gold group performance was driven by Nevada Gold Mines and Pueblo Viejo.

CIBC has upgraded its rating on Barrick Mining Corporation (NYSE:B) from Neutral to Outperform, maintaining a price target of $30.01. The upgrade follows Barrick's strong second-quarter financial results for fiscal year 2025. The company reported earnings per share (EPS) of $0.47, the highest since 2013 [1].

Barrick's gold production increased by 5% sequentially, while copper production rose by 34% [1]. Nevada Gold Mines and Pueblo Viejo, key drivers of the company's gold group performance, saw production increases of 11% and 28% quarter-over-quarter, respectively [1].

Despite missing analyst expectations for revenue, Barrick reported a rise in profit due to higher gold prices and an asset sale. All-in sustaining costs (AISC) for gold declined by 5% to $1,684 per ounce [2]. The company's adjusted earnings per share of $0.47 beat analyst estimates of $0.44, while adjusted revenue grew by 35.9% to $3.68 billion, missing the $3.73 billion estimate [2].

Barrick's operating cash flow for the first half of 2025 reached $2.5 billion, a 32% increase year-over-year, and free cash flow totaled $770 million, up 107% YoY. The company's board approved a $0.15 per share dividend, including a $0.05 performance dividend, and repurchased $268 million of shares, bringing total buybacks for the first half to $411 million [2].

References:
[1] https://finance.yahoo.com/news/cibc-upgrades-rating-barrick-mining-070333055.html
[2] https://fxdailyreport.com/barrick-mining-corp-nyseb-posts-mixed-result/