Barrick Gold Corp (ABX) shares were down over 2% in early morning trading despite Berneburg Analyst Yuriy Vlasov's upgrade for the Toronto gold mining company to "hold" from "sell."
Vlasov upped his price target to $16.40 from $15.20. He cited downside risk that's now priced in and reflected in a weak stock performance. Barrick shares are down 18% over three months and 22% over twelve months.
Recent developments increased optimism for Vlasov, including divestments of the Cerro Casale and Veladero mines.
What's Hot On TheStreet
Happy birthday iPhone: Apple's (AAPL) iPhone turns 10 years old today! What an amazing product Steve Jobs and his team created. But, as TheStreet's Natalie Walters points out, the next five years for Apple could be radically different. Sales could well be boosted by new, non-iPhone products such as smart glasses and autonomous car technologies. Walters also mentions that iPhone demand may peak in 2019.
Blue Apron falters: Blue Apron (APRN) plans an initial public offering on Thursday seeking a valuation of about $2 billion. That's down significantly from a $3.2 billion valuation it had previously hoped to achieve. In the public sphere, the New York-based meal kit delivery service's IPO comes at an unsettling time, points out TheStreet's Ron Orol, as the markets begin to digest Amazon Inc.'s (AMZN) mega $13.4 billion acquisition of Whole Foods Market Inc. (WFM) . Moreover, investors have questioned Blue Apron's business model -- it hasn't turned a profit since 2012 due to rising marketing and distribution costs.
Regulators outsmarted: With questions swirling whether its combination would get approved by regulators, Walgreens Boots Alliance (WBA) and Rite-Aid (RAD) struck a clever deal on Thursday. Walgreens will pay $5.175 billion to Rite-Aid in cash and receive 2,186 stores in return. Walgreens will also pay Rite-Aid a $325 million termination fee for its planned buyout of the company.
Walgreens will be an even bigger drug-selling beast, with more than 15,000 stores spanning 11 countries. As for Rite-Aid, it will be left with about 2,300 stores once the deal closes in six months.