UPDATE: Scotia Capital Markets Cuts PT to $63 on Barrick Gold Corporation

Scotia Capital Markets lowers its price target on Outperform-rated Barrick Gold Corporation (NYSE: ABX) following Q4 results, 2012 guidance and updated reserve/resource estimates.

Scotia Capital Markets says, "Adjusted EPS of $1.17, vs our estimate of $1.30 and the consensus estimates range of $1.27-$1.29. The difference relative to our estimate arose from lower revenue, higher costs, and higher copper depreciation. Gold production in Q4/11 was 1.814 Moz at total cash costs of $505/oz. We were forecasting production of 1.958 Moz at total cash costs $500/oz. Copper production came in at 143 Mlb at total cash costs of $1.99/lb vs. our forecast of 148 Mlb at $1.90/lb."

ABX closed at $48.17 a share on Friday.