UPDATE: Morgan Stanley Raises PT on Barrick Gold, Transition is Underway

In a report published Tuesday, Morgan Stanley analyst Brad Humphrey reiterated an Equal-Weight rating on Barrick Gold Corporation ABX, and raised the price target from $18.00 to $20.80. In the report, Morgan Stanley noted, “Although across many valuation metrics ABX appears inexpensive and we believe the company is taking appropriate steps, we suspect its debt load, risks and uncertainty related to Pascua Lama, market sentiment and the lack of clarity on what the company's operating profile will look like in the medium term, will continue to weigh on its shares. We will review our position on ABX as more actions are taken and more clarity is provided.” Barrick Gold Corporation closed on Monday at $16.34.