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Barrick Gold (ABX) Stock Climbs on Gold Prices, Citi Initiates Coverage

NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) were rising 2.97% to $22.89 late Tuesday morning after coverage of the stock was initiated at Citigroup this morning with a "buy" rating, according to a note cited by Barron's.

The firm noted that Barrick has the most short-term upside amongst the North American gold sector.

"The company's low cost mines generate the strongest returns in the sector," Citigroup added. The firm also mentioned that Barrick is currently undergoing an aggressive turnaround strategy as it moves to reduce its debt to $8 billion by year's end.

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