Barrick Gold (NYSE:ABX) had its rating raised from "sector performer" to "sector outperformer" by CIBC World Markets, as higher gold prices are expected to overcome negative factors.
Production at the gold miner is expected to continue to be low, and costs to remain high.
Barrick, who is the largest gold producer in the world, has been pressured by Newmont Mining (NYSE:NEM), which has cut operational costs to far below Barrick's.
CIBC thinks that will change once the broader markets tumble or remain level.
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