UBS upgrades Barrick to "buy" on long-term growth from mine ramp-ups

Canadian gold miner Barrick ABX.TO upgraded to "buy" from "neutral"; shares up 2% at C$26.19 on weaker dollar, uptick in gold prices GOL/

UBS remains constructive on gold at $2,900/oz, with ABX trading at ~5 x 2025E EV/EBITDA assuming temporarily suspended mines in Mali remain closed

A Mali restart would act as a positive catalyst for ABX - UBS

"We acknowledge that Reko Diq is unlikely to be de-risked until 2027-28, but ABX is the only gold major offering material organic growth and after significant underperformance, we think the market ascribes little value for this" - UBS

UBS sees co's 2025 guidance as likely "conservative"

9 of 13 brokerages rate the stock "buy" or higher, 4 at "hold"; their median PT is $32.45

ABX up 17.5% YTD