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Peter Munk, chairman of Barrick Gold Corp, the world's largest gold producer, speaks during the annual general meeting of shareholders in Toronto April 28, 2010. (MIKE CASSESE)
Peter Munk, chairman of Barrick Gold Corp, the world's largest gold producer, speaks during the annual general meeting of shareholders in Toronto April 28, 2010. (MIKE CASSESE)

Eye on Equities

Barrick seen as a buy amid new gold discovery Add to ...

Barrick Gold Corp. has announced the discovery of two new gold deposits on the Cortez property in Nevada. The new finds are located about six kilometres from the Cortez Hills Mine and could potentially be processed using existing facilities, notes Dundee Securities Corp. analyst Paul Burchell.

Upside: Dundee continues to rate Barrick as a “buy-medium risk” with a $60 price target.

With the U.S. Presidential elections and the London Olympics on tap for next year, it’s an ideal time for investors to load up on shares of Evertz Technologies Ltd. , said Raymond James Ltd. analyst Steven Li. The manufacturer of equipment for the television industry reported strong quarterly results this week and is now trading at an “appealing” valuation of 10.7 times calendar year 2012 earnings per share, Mr. Li said, adding that its 4 per cent dividend yield looks sustainable.

Upside: Mr. Li upgraded Evertz to “outperform” and maintained a $15 price target.

The plunge in Halliburton Co. shares over the past month means the market is pricing in a nearly 50 per cent chance of an imminent recession, according to Canaccord Genuity analyst Scott Burk. While the stock could fall further, this should limit the downside risk for investors, said Mr. Burk.

Upside: Canaccord rates Halliburton as a “buy” with a $67 (U.S.) price target.

Columbia Sportswear Co. is in the midst of a brand repositioning, with a renewed focus on technical innovation to recapture a younger demographic. While the company has had recent success with particular brands and technologies, Canaccord Genuity analyst Camilo Lyon is concerned about excess inventories.

Upside: Mr. Lyon initiated coverage with a “hold” rating and $57 price target.

Precision Drilling Corp. has settled its tax reassessment case with the Canadian Revenue Agency related to the sale of two businesses to Weatherford International in 2005. Precision anticipates a total cost of $50-million related to the settlement, less than some had feared, noted CIBC World Markets Inc. analyst Jeff Fetterly. He believes the deal provides clarity and improves the company’s financial flexibility.

Upside: Mr. Fetterly rates Precision Drilling as a “sector performer” with a $17 price target.

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