关于巴里克黄金公司，瑞银表示，2024年产量下降和持续的成本压力相结合，给该公司之前的2025年生产指引带来了下行风险，并给成本带来了上行风险，而目前的共识并未反映出这一点。UBS Group downgraded Newmont and Barrick Gold's rating from buy to neutral, with target prices of $54 and $22 respectively.
According to Cnstock, UBS Group downgraded the ratings of Newmont Mining (NEM.US) and Barrick Gold (GOLD.US) from buy to neutral, with target prices of $54 and $22.
Analyst Daniel Major from UBS mentioned that Newmont's performance in the third quarter was surprisingly poor. Management hinted that core production and costs in 2025 would not improve, lacking visibility for the medium-term outlook, which weakened confidence. UBS stated that due to the guidance on third-quarter performance, mid-term production and free cash flow forecasts were significantly lowered, impacting Newmont's ability to provide outstanding and sustainable cash returns compared to peers. Additionally, the company's expectation of further asset sales to some extent offset this, supporting near-term cash returns and benefiting from positive gold prospects.
Regarding Barrick Gold, UBS mentioned that the combination of reduced production in 2024 and ongoing cost pressures poses downside risks to the company's previous 2025 production guidance, with cost challenges on the rise, which is not currently reflected in market consensus.