Story updated at 9:50 a.m. to reflect market activity.
Shares of Barrick Gold fell 1.3% to $15.45 in morning trading.
The analyst firm also lowered its EPS estimates for the gold miner through 2016. Credit Suisse analysts now expect Barrick Gold to report earnings of 84 cents a share for 2015, down from previous estimates of $1.01 a share. The firm expects earnings of 98 cents a share for 2016, down from estimates of $1.02 a share for the year.
The lower price target and earnings estimates are due to a lower outlook for Cortez production, according to Credit Suisse analysts.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."