BMO raises PT on Barrick Mining; maintains 'market perform' rating

BMO Capital Markets raises price target on gold miner Barrick Mining ABX.TO to C$37 from C$31; maintains "market perform" rating

The new price target represents 9.1% downside to stock's last closing price

Brokerage says PT upgrade due to increase in target net asset value and free cash flow expectations, reflecting a "modest improvement in the outlook and the current momentum in gold mining equities"

"ABX has done well on asset disposals to-date and we expect sequential improvement in operating results in the second half of the year" - BMO

Although the Hemlo asset sale is an accretive transaction, its impact on ABX overall is modest - brokerage

10 of 13 brokerages rate the stock "Buy" or higher, and 3 "Hold"; median PT is C$40.08 - data compiled by LSEG

Up to last close, ABX up 82.5% YTD