Citi initiates coverage on Barrick Gold (NYSE: <a href=”http://finance.aol.com/quotes/barrick-gold-corporation/abx/nys” title=”Real-time quotes and company profile for ABX” target=”_blank”>ABX</a>) with a Buy. Price target $40.
Citi analyst says, “We rate Barrick a Buy despite concerns on the gold price given a low valuation. In the short term we favor Barrick over Newmont for three reasons: (1) Barrick’s gold hedges will somewhat cushion it from a lower gold price, (2) Barrick trades at lower multiples of gold reserves…
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