JPMorgan has initiated coverage of Barrick Mining (NYSE: B) with an Overweight rating and set a price target of $68 in Canadian dollar terms C$92 for December 2026, representing about 28% upside from the prevailing share price of $52.98. The research note, published Thursday, also points out that Barrick is trading close to its 52-week high of $53.28 and has returned 239% over the past year according to InvestingPro data.
In its initial report, JPMorgan characterizes Barrick as possessing a world-class reserve base and says the company offers attractive leverage to both gold and copper markets. The bank cites Barrick's perfect Piotroski Score of 9, a sign it sees as reflecting strong financial health.
JPMorgan places Barrick among the largest gold producers globally, noting the company currently produces approximately 3.3 million ounces of gold, or about 3.9 million gold equivalent ounces. Operations span 13 gold mines and three copper mines across ten countries. On a market-value basis, Barrick carries a market capitalization of $89.7 billion and recorded $14.6 billion in revenue over the last twelve months, which JPMorgan says represents 18.4% growth in that period.
The bank highlights Barrick's reserve holdings of nearly 90 million ounces of gold and about 18 million tonnes of copper. JPMorgan compares those gold reserves to competitor Agnico, noting Barrick's reserve base is approximately 1.6 times larger than Agnico's 54 million ounces of gold. The research note frames this reserve position as supportive of long-life mining operations. Separately, Barrick has a track record of dividend continuity, having paid dividends for 39 consecutive years and currently offering a yield of 1.32%.
JPMorgan also addresses commodity sensitivity and portfolio composition. The firm reports that Barrick's 10-year correlation to gold is roughly 75%, but it views the miner's diversification into copper favorably. JPMorgan projects that copper could rise to represent about 10% of Barrick's attributable EBITDA by the end of the decade, roughly double its current contribution according to the bank's note.
Investors looking ahead should note that Barrick is due to report quarterly results in seven days, on February 5. For investors seeking further detail, InvestingPro provides 14 additional tips and a full Pro Research Report on Barrick, one of more than 1,400 U.S. equities covered on the platform.
Other recent developments involving Barrick cited in the research note and related reporting include the company's consideration of an initial public offering for its North American gold assets. That proposed structure, referenced by the company, would create a new entity potentially called NewCo. The assets contemplated for inclusion in NewCo are Barrick's joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as the wholly owned Fourmile gold discovery in Nevada. Barrick has said it would retain a significant controlling interest in the new vehicle, and the contemplated IPO would involve selling only a small minority stake.
Market analysts have also been active on the name. BNP Paribas Exane recently upgraded Barrick from Neutral to Outperform, citing several near-term catalysts including a change in chief executive and the reported resolution of issues in Mali. In related sector activity, GoldMining Inc. renewed an at-the-market equity program that will permit the company to distribute up to $50 million of common shares at prevailing market prices; that program will be run through a syndicate led by BMO Capital Markets.
The broader group of major gold producers, including Barrick, saw share prices decline as precious metal prices retreated from recent highs, a dynamic reflected in recent trading.
This coverage initiation by JPMorgan underscores the bank's view of Barrick as a large-cap mining company with both established gold assets and growing exposure to copper that could enhance earnings mix over time. The firm's valuation work produces the $68 / C$92 target for December 2026 and frames that level as representing material upside versus the current market price.