Bernstein raises Barrick PT on optimism over Fourmile project

Brokerage Bernstein raises price target on gold miner Barrick Mining ABX.TO to C$55 from C$50

The new price target represents a 15% upside to the stock's last close

Brokerage says Fourmile, ABX's project in Nevada, could be a global top 10 gold mine

Adds, while project capital expenditure is ~10% of company's planned capital budget over the next 3 years, ABX can easily afford it owing to close to zero net debt

"Fourmile may be developed by a separate entrance (Bullion Hill Surface Portal) which helps de-couple its production from neighboring Goldrush mine" - Bernstein

11 of 13 brokerages rate the stock "buy" or higher, 2 "hold"; their median PT is C$50.5

Including session's move, stock up 115% YTD