Barrick Gold (NYSE:ABX) PT Boosted by Barclays on Gold Price Updates

Barclays (NYSE:BCS) has been commenting on the gold mining and mining sector today, and for gold miners like Barrick Gold (NYSE:ABX), they've moved their earnings and price target based on updated gold price assumptions.

Barclays said, "Our earnings model now reflects marked-to-market gold prices for 4Q 2010 and updated gold price assumptions for 2011-2014. Based on these assumptions, our new 12-month price target of $44 assumes a net firm value in one year 6.9x our new 2012 EBITDA estimate of $6.5 billion."

Barclays maintains an "Underweight" on Barrick Gold, which was trading at $49.23, down $0.03, or 0.06 percent, as of 2:04 PM EST. They increased their price target on Barrick from $35 to $44.