JPMorgan comments on Barrick Gold (B.US) Q3 results: Output outweighs costs, target price lowered to $53, North American gold business IPO seen as catalyst for revaluation

According to Jinse Finance APP, Barrick Gold (B.US) announced its third-quarter report on Monday, which basically met expectations. JPMorgan maintained its "overweight" rating but lowered the target price from $55 to $53. The reason is costs: the bank lowered its 2027 and 2028 earnings forecasts by 3% and 6% respectively, and cut its fourth-quarter EBITDA forecast by 3% to $3.6 billion. The one-sentence conclusion of the report is that the verification of execution still depends on Nevada Gold Mines (NGM), while the real re-anchoring of valuation will come from the North American assets IPO prospectus to be submitted this month.