DA Davidson has raised its 12-month price target for Barrick Gold Corp. (NYSE:GOLD) to $60.00 from $53.00 and maintained a Buy rating after the company reported results for the second quarter. The brokerage cited stronger-than-expected results across core operating metrics and continued momentum into the subsequent quarter as the basis for the upgraded target.
Barrick beat consensus expectations for Q2 2026 on revenue, EBIT and EBITDA. Management and analysts attributed the revenue outperformance to higher unit demand and elevated realized prices. Profitability measures also benefited from widening spreads, with the firm noting that spreads expanded more markedly later in the December quarter, contributing to the company's positive earnings surprise.
DA Davidson pointed to ongoing strength that accelerated into the March quarter, documenting a notable widening of retail versus spot prices beginning late in Q2 2026 and persisting into Q3 2026, consistent with the firm's data tracking. That pricing dynamic was one factor behind Barrick's substantial market performance, which the firm quantified as a 127.77% price return over the past six months.
Financial health metrics were highlighted as supportive of the Buy view. Barrick posted a Piotroski Score of 9, a measure of financial strength reported by InvestingPro. The company also shows moderate debt levels and a robust liquidity position, with liquid assets that exceed short-term obligations, according to the note.
On valuation, DA Davidson retained the same 8x enterprise value to EBITDA multiple it previously used and applied it to derive the new $60 target. At the time of the update, Barrick was trading at an EV/EBITDA of 7.35x, leaving room to reach the raised target should the multiple expand to the firm’s assumption.
The brokerage also flagged a strategic development outside of Barrick's immediate operating results: a meaningful investment in Gold.com from Tether. DA Davidson described that capital move as a standout element of the broader precious metals landscape tied to Barrick’s results.
Further coverage referenced other moves by DA Davidson involving Gold.com, formerly A-Mark Precious Metals. The company completed a corporate name change and shifted its listing to the New York Stock Exchange after filing a Certificate of Amendment with the Secretary of State of Delaware; the amendment was approved by the board of directors without requiring a shareholder vote.
DA Davidson raised its price target on Gold.com to $53.00 from $45.00 and maintained a Buy rating, citing rising spot prices for gold and silver alongside heightened market volatility. The firm also, in a separate update, adjusted a price target for Gold.com to $42.00, noting benefits derived from silver pricing. DA Davidson reiterated a Buy rating for Barrick Gold, emphasizing the commercial advantage from widening spreads between retail and wholesale precious metals pricing.
For investors seeking deeper analysis, InvestingPro provides a Pro Research Report on Barrick Gold as part of its coverage universe, which the service notes includes more than 1,400 US equities with detailed research and actionable intelligence.
Context for investors
- Price target change - DA Davidson increased the Barrick target to $60 from $53 and kept a Buy rating.
- Operational beats - Barrick exceeded consensus on revenue, EBIT and EBITDA for Q2 2026.
- Valuation gap - The company trades at an EV/EBITDA of 7.35x versus the 8x multiple used by DA Davidson to set its target.
The notes and updates from DA Davidson connect operating outperformance, an improving spread environment and corporate developments in the precious metals sector to their updated price targets and ratings. The combination of strong liquidity, moderate leverage and favorable pricing trends underpin the analyst's bullish stance while the firm continues to monitor market volatility and pricing dynamics across gold and silver.