B US shares were initially higher after it reported 4th quarter earnings ahead of estimates, though broader weakness in the gold space overshadowed the strong operational performance.
4Q Highlights
- 4Q Adjust EPS of $1.04 vs 46c YoY, well above 89c estimates.
- Revenue of $US6bn vs +65% YoY, above $5.17bn estimates.
- Adjusted Ebitda of $US4.31bn beat estimates of $US3.78bn.
By the end of the session, Barrick had tumbled 7.2% as broad-based sector weakness took over.
- We can see Barrick easily testing $US40 in the coming weeks as volatility washes through precious metals.
MM is neutral on Barrick around $US44 in the short term
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