November 30, 2017 / 12:05 PM / a year ago

BUZZ-Barrick Gold no longer a 'turnaround story' - Citi

** Canadian gold miner’s shares down 1.3 pct at $13.84 in heavy premarket trading after Citigroup double downgrades to “sell” from “buy”

** Analyst Alexander Hacking cuts rating as risks now appear skewed to the downside; slashes PT by $7 to $13

** ABX no longer a “turnaround story” with debt reduction and asset sale catalyst largely behind the co; could soon be entering a reinvestment phase to maintain production

** Says YTD operating performance is lackluster and ABX faces challenges at its subsidiary, Acacia, through which it owns gold mines and exploration properties in Africa

** Hacking remains neutral to cautious on the gold sector heading into 2018; majors will continue to struggle to generate earnings growth and/or FCF

** Gold miners will likely outperform the broader mining sector in the event of a China slowdown yet, absolute performance would still be weak - Hacking

** Hacking is rated 3 on 5 stars for his overall recommendation accuracy, per TR StarMine

** ABX down 12 pct this year (Reporting by Medha Singh)

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