Barrick Gold price target lowered to $24 from $25 at Raymond James

Raymond James lowered the firm’s price target on Barrick Gold (GOLD) to $24 from $25 and keeps an Outperform rating on the shares. Barrick announced attributable proven and probable mineral reserves now stand at 89 Moz at 0.99g/t versus 77 Moz at 1.65g/t in 2023, with the majority of the change led by the conversion of Reko Diq copper-gold resources to mineral reserves adding 13 Moz of gold at 0.28g/t on an attributable basis, following the completion of the feasibility study, the analyst tells investors in a research note. Excluding Reko Diq, reserves replaced annual depletion at a 4% higher grade, the firm says.