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Notable Call: Goldman Sachs says buy Barrick Gold

Barrick Gold has underperformed gold stocks so far in 2014, but Goldman Sachs says the stock is now a buy. 

As part of a re-rating of gold and silver equities, Goldman analyst Andrew Quail has initiated coverage of Barrick (ABX-T) with a buy recommendation and a $23 US price target.

"[Barrick] has actively shrunk to profitability over the past twelve months, focusing on its key free cash flow generating operations and divesting non-core strategic assets. Following the equity raise in 2013, we believe the company’s financial flexibility has significantly improved," Quail writes in a note to clients.
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