JPMorgan (NYSE:JPM) Raises Barrick (NYSE:ABX) Price Target

Citing Barrick Gold's (NYSE:ABX) focus on tapping into some of their more mature properties, where they've been making new gold finds, JPMorgan (NYSE:JPM) said they're raising the price target on the company.

They noted, “We believe Barrick is attractive as it makes new gold discoveries at older (owned) mines within a mining company that already has the skills to develop the properties. An example of the opportunity is the (early stage) plan to develop a large open pit at the Turquoise Ridge mine in Nevada.”

JPMorgan gold and precious metals analyst John Bridges said he sees an update from Barrick in the early part of 2011 on reserves which aren't “fully reflected in current valuations.”

Barrick was trading at $54.33, up $1.03, or 1.93 percent, as of 1:07 PM EST. JPMorgan raised their price target the world's largest gold miner from $54 to $64, while maintaining their "Overweight" rating on them.