CIBC Targets $30 for Barrick Stock, Calling It Undervalued
CIBC’s upgrade fuels fresh highs for Barrick Gold as bullish gold prices and operational gains spark renewed investor confidence.

Barrick Gold Corporation (NYSE: B, TSX: ABX) surged to a fresh 52-week high on Tuesday after CIBC Capital Markets upgraded the Canadian gold giant to “outperform.” The rally followed strong second-quarter results and renewed confidence in the miner’s operational stability. CIBC’s lead mining analyst Anita Soni also raised the price target from US$28 to US$30, signaling room for further upside.
The upgrade comes after a turbulent few years for Barrick, which faced production hurdles in Nevada and operational challenges in Mali. Despite a US$1.04 billion charge tied to the loss of control of its Malian mine, Barrick’s Q2 profits climbed as gold prices soared more than 40 percent over the past year.
Gold’s Bullish Backdrop
Gold prices remain the central driver of Barrick’s turnaround. After hitting a record high near US$3,500 per ounce in April, bullion has eased to the US$3,300 range. Yet, CIBC sees prices averaging US$3,600 through the second half of 2025 and into 2026, supported by heightened geopolitical tensions, aggressive central bank buying, and a fragile global economic outlook.
With U.S. President Donald Trump’s trade war policies adding to uncertainty, and the ongoing conflict in Ukraine led by Russian President Vladimir Putin continuing to roil markets, gold has cemented itself as a preferred safe-haven asset. This environment sets the stage for miners like Barrick to thrive, provided they can deliver consistent output.
