February 23, 2018 / 11:34 AM / 8 months ago

BUZZ-Barrick Gold: CIBC downgrades following production forecast

** CIBC cuts rating on the stock of the world’s biggest gold producer to ‘neutral’ from ‘outperformer’; Cuts PT by $3 to $17

** ABX said on Thursday, at an investor day presentation, it expects lower gold production over the next decade

** Lower production can lead to rival Newmont Mining Corp overtaking ABX this year

** CIBC lowers rating citing ABX’s 2018 gold production forecast of 4.5 mln-5 mln ounces, which is lower than NEM’s forecast of 4.9 mln-5.4 mln ounces

** Brokerage says ABX fell short on providing a fresh strategy to further unlock the potential of the existing assets

** 6 of 24 brokerages rate “buy” or higher, 16 “hold” and 2 “sell”; Median PT $17

** So far this year the U.S.-listed stock has fallen 13.8 pct, rival NEM has risen marginally in the same period (Reporting by Anirban Paul)

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