Barrick Could Cut Valuation Discount to Peers With Asset IPO — Market Talk

0813 ET - Barrick Mining's exploration of a spin-out of its North American gold assets promises to be value-generating for shareholders, and could represent relative upside of 15%-20% on its current share price, RBC Capital Markets' Josh Wolfson reckons. The miner is considering an IPO of the assets, which make up about 60% of its current value. Wolfson notes Barrick's shares have historically traded at a substantial discount to the sum-of-its-parts valuation, in part due to above-average geopolitical risk exposure, where as "NewCo" would likely trade at the upper end of sector values. He forecasts NewCo would maintain a total net asset value at spot prices of $46.5 billion and would generate attributable production of 2 million gold ounces a year, ranking it as a top 5 global gold producer by value. (robb.stewart@wsj.com)

0425 ET - Orsted is showing signs of operational normalization following two complex years with impairments, U.S. stop-work orders and inflationary pressures, Equita analyst Daniele De Florentis writes. The company is making progress on its U.S. pipeline, with the Revolution Wind project back under construction after the stop imposed by the U.S. government, and the Sunrise Wind project is moving toward expected start of production in the second half of 2027. Around 20 gigawatts of global auctions next year raise the visibility of political commitment to offshore wind and could increase Orsted's growth opportunities. With a gradually more visible global pipeline and attractive valuation, Equita starts coverage on the stock with a buy rating and a 184 Danish kroner target price. (dominic.chopping@wsj.com)

0327 ET - European indexes open mixed as investors digest big movements in cryptocurrencies and Japanese government bonds overnight. The Spanish IBEX 35 is the biggest mover out of the blocks, with the index jumping 0.3% at open. Germany's DAX and Italy's FTSE MIB are also up, with both rising 0.15%. However, the U.K.'s premier FTSE 100 index is down 0.04%, while France's CAC 40 drops 0.14%. The biggest riser in Europe was Bayer, jumping 13% after the White House backed a bid for a Supreme Court review in its Roundup pesticide case. Investors also await the Eurozone inflation flash for November, expected at 1000 GMT. (josephmichael.stonor@wsj.com)

0310 ET - North American truck-market activity remains slow amid headwinds from tariffs, emission-standard uncertainty and a lingering freight recession, RBC Capital Markets analyst Nick Housden writes. The bank doesn't expect a recovery in the U.S. until the second half of 2026 at the earliest. However, in Europe, heavy-duty truck registrations are solid while freight rates remained steady in the third quarter. RBC lowers its 2026 adjusted EPS forecasts for Daimler Truck by 13% given its elevated exposures to the challenged North American market. At Volvo, around 50% of truck unit sales are in Europe, hence U.S. uncertainty is less damaging. It rates Daimler Truck stock at overweight with a price target of 42 euros. It rates Volvo stock at overweight and lifts its price target to 310 Swedish kronor from 290 kronor. (dominic.chopping@wsj.com)

0228 ET - NIO will likely achieve its aim to report non-GAAP profit in the fourth quarter, thanks to an anticipated sequential cut in R&D expenses, Deutsche Bank analyst Bin Wang writes in a note. The electric-vehicle maker expects vehicle gross margin to surge around 18% in 4Q, driven by a favorable product mix with a significant increase in high-margin ES8 SUV deliveries, Wang says. The ES8 is on track to hit the 2025 sales target of 40,000 units, with a projected 33,000 units in 4Q alone, the analyst says. In addition, the company's other sales and services segment is expected to maintain consistent revenue and gross profit compared with the third quarter, DB says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0925 GMT - Orsted is showing signs of operational normalization following two complex years with impairments, U.S. stop-work orders and inflationary pressures, Equita analyst Daniele De Florentis writes. The company is making progress on its U.S. pipeline, with the Revolution Wind project back under construction after the stop imposed by the U.S. government, and the Sunrise Wind project is moving toward expected start of production in the second half of 2027. Around 20 gigawatts of global auctions next year raise the visibility of political commitment to offshore wind and could increase Orsted's growth opportunities. With a gradually more visible global pipeline and attractive valuation, Equita starts coverage on the stock with a buy rating and a 184 Danish kroner target price. (dominic.chopping@wsj.com)

0827 GMT - European indexes open mixed as investors digest big movements in cryptocurrencies and Japanese government bonds overnight. The Spanish IBEX 35 is the biggest mover out of the blocks, with the index jumping 0.3% at open. Germany's DAX and Italy's FTSE MIB are also up, with both rising 0.15%. However, the U.K.'s premier FTSE 100 index is down 0.04%, while France's CAC 40 drops 0.14%. The biggest riser in Europe was Bayer, jumping 13% after the White House backed a bid for a Supreme Court review in its Roundup pesticide case. Investors also await the Eurozone inflation flash for November, expected at 1000 GMT. (josephmichael.stonor@wsj.com)

0810 GMT - North American truck-market activity remains slow amid headwinds from tariffs, emission-standard uncertainty and a lingering freight recession, RBC Capital Markets analyst Nick Housden writes. The bank doesn't expect a recovery in the U.S. until the second half of 2026 at the earliest. However, in Europe, heavy-duty truck registrations are solid while freight rates remained steady in the third quarter. RBC lowers its 2026 adjusted EPS forecasts for Daimler Truck by 13% given its elevated exposures to the challenged North American market. At Volvo, around 50% of truck unit sales are in Europe, hence U.S. uncertainty is less damaging. It rates Daimler Truck stock at overweight with a price target of 42 euros. It rates Volvo stock at overweight and lifts its price target to 310 Swedish kronor from 290 kronor. (dominic.chopping@wsj.com)

0728 GMT - NIO will likely achieve its aim to report non-GAAP profit in the fourth quarter, thanks to an anticipated sequential cut in R&D expenses, Deutsche Bank analyst Bin Wang writes in a note. The electric-vehicle maker expects vehicle gross margin to surge around 18% in 4Q, driven by a favorable product mix with a significant increase in high-margin ES8 SUV deliveries, Wang says. The ES8 is on track to hit the 2025 sales target of 40,000 units, with a projected 33,000 units in 4Q alone, the analyst says. In addition, the company's other sales and services segment is expected to maintain consistent revenue and gross profit compared with the third quarter, DB says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

NIO will likely achieve its aim to report non-GAAP profit in the fourth quarter, thanks to an anticipated sequential cut in R&D expenses, Deutsche Bank analyst Bin Wang writes in a note. The electric-vehicle maker expects vehicle gross margin to surge around 18% in 4Q, driven by a favorable product mix with a significant increase in high-margin ES8 SUV deliveries, Wang says. The ES8 is on track to hit the 2025 sales target of 40,000 units, with a projected 33,000 units in 4Q alone, the analyst says. In addition, the company's other sales and services segment is expected to maintain consistent revenue and gross profit compared with the third quarter, DB says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(18:22 GMT) NIO Price Target Raised to $7.00/Share From $6.50 by Freedom Capital Markets

(18:22 GMT) NIO Price Target Raised to $7.00/Share From $6.50 by Freedom Capital Markets

(12:39 GMT) NIO Price Target Raised to $4.00/Share From $3.00 by Barclays