$B

Analysts from RBC and Bank of America maintained Buy ratings on Barrick Mining (B) and Cemex SAB (CX). Barrick's price target is $53.00 (33.1% upside), while Cemex's is $14.35 (42.6% upside). Both stocks have consensus ratings of Moderate Buy and Strong Buy, respectively.

Diesel price surges are increasing production and transportation costs for miners. Copper producers Antofagasta and Capstone Copper reported higher operating expenses, while gold miners like Barrick and Kinross relied on strong bullion prices to protect margins. Ivanhoe Mines saw an 18¢/lb diesel cost increase but reported $385M Q2 EBITDA. Analysts warn of potential margin pressures as metal prices fall and energy costs rise.

Agnico Eagle Mines (AEM), Barrick Mining (GOLD), and Newmont (NEM) fell 5.2%, 5.1%, and 4.1% respectively after Freedom Broker downgraded them to 'Hold' and cut price targets, citing reduced EBITDA forecasts and operational risks. AEM's target was cut to $212, Barrick's to $46, and Newmont's to $116.

Freedom Broker downgraded Barrick Mining (NYSE:GOLD) to Hold, lowering its price target to $46.00. The firm reduced its Q3 estimates, forecasting revenue of $5.13B, EBITDA of $3.46B, and EPS of $0.81. The 2027 EBITDA estimate was also cut to $16.1B. Barrick's P/E ratio is 10.43 with an 8% free cash flow yield. The downgrade follows a broader trend of reduced earnings forecasts by analysts. The stock has implied upside but a volatility-adjusted return score below Freedom Broker's Buy threshold.

Barrick Mining (NYSE:B) reported a 50% rise in Q2 net earnings to $1.22B, driven by higher gold and copper prices, but free cash flow fell to $141M from $212M a year earlier. The company returned $1.5B to shareholders, exceeding its cash generation. Revenue grew 6.1% annually over five years, with gold prices significantly impacting earnings. Barrick plans a North American IPO of its gold assets by year-end, subject to market conditions.

US analysts on October 16, 2026, showed cautious optimism, with price target reductions outpacing increases. Tech, AI, aerospace, defense, and biotech sectors attracted favorable ratings, while consumer discretionary and financials faced pressure. Abbott Labs (ABT) kept Buy rating with $135 target. Absci (ABSI) raised target to $20. AeroVironment (AVAV) initiated with Buy/Outperform ratings. Applied Materials (AMAT) cut target to $580. Analysts favored resilient companies amid recession risks.

BlackRock's Evy Hambro criticized gold miners, including Barrick (B), for prioritizing stock buybacks over new production projects. Barrick offers a 2.42% dividend yield, a 24% payout ratio, and a 24.7% 3-year dividend growth rate. The stock is trading at $40.82, 20% above its GF Value™ of $34.02, with a GF Score™ of 90/100. The company has strong financial health, profitability, and growth prospects, but its valuation is modestly overvalued.

Wall Street analysts issued upgrades, downgrades, and initiations for several companies. Upgrades include Brinker International (EAT) to Strong Buy, Fox Corporation (FOX) to Buy, and JPMorgan Chase (JPM) to Buy. Downgrades include Barrick Mining (B) to Neutral, Equifax (EFX) to Perform, and Workday (WDAY) to Sector Weight. Initiations include Constellation Energy (CEG) with Outperform, Toll Brothers (TOL) with Buy, and Victoria's Secret (VSXY) with Buy.

The 73km Bulyanhulu road, funded by Barrick (NYSE:GOLD) and the Tanzanian government, is 89% complete and expected to finish in December. The road connects Kahama to Barrick's Bulyanhulu gold mine, aiming to improve transport and support local businesses. Barrick owns 84% of the mine, with the government holding 16%.

Barrick Mining (TSE:ABX) will release Q3 2026 results on November 9, 2026, before market open. A live webcast and Q&A session will follow at 11:00 a.m. ET, with materials posted online. The event aims to provide insights into the company's gold and copper portfolio performance.