JPMorgan Starts Barrick Mining (B) at Overweight

JPMorgan analyst Bennett Moore initiates coverage on Barrick Mining (NYSE: B) with a Overweight rating and a price target of $68.00.

The analyst comments: "We are initiating coverage of Barrick (B) with an Overweight rating and a Dec-26 price target of $68 (C$92). World-class reserve base with compelling leverage to both gold and copper. Barrick is the third largest gold miner today (second prior to Loulo-Gounkoto exclusion), on pace to produce ~3.3Moz (or ~3.9Moz GEO). The company currently operates 13 gold mines (inclusive of Loulo-Gounkoto), including its 61.5% stake in the world-class Nevada Gold Mines (NGM) JV with Newmont (NEM), and three copper mines all across ten countries. Unlike Agnico, Barrick has a mix of full ownership, joint ventures, and minority stakes. While this can mitigate operational/capital risk, it also lends itself to a complex reporting/ownership structure. The company’s reserve base amounts to an impressive nearly 90Moz Au and 18Mt Cu, roughly 1.6x larger than Agnico’s 54Moz Au, supporting long-life mines. In our recent 1H26 bi-annual buy-side sentiment survey, investors ranked copper as the top sub-sector (out of nine) followed by gold. So, while Barrick’s 10yr correlation to gold stands closer to ~75% (vs. AEM’s ~95%), we view diversification into copper as a plus, which has the potential to double to ~10% of attributable EBITDA by the end of the decade."

For an analyst ratings summary and ratings history on Barrick Mining click here. For more ratings news on Barrick Mining click here.

Shares of Barrick Mining closed at $52.98 yesterday.

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