Barrick Beats on Earnings With Output at Top of Guidance Range
The Toronto-based company's per-share profit of 35 cents in the first quarter came in 6 cents higher than the Bloomberg consensus. Its shares were down slightly before the start of regular trading in New York along with lower bullion prices.
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Bitcoin Miner MARA Holdings Upgraded to Overweight at JPMorgan; IREN and Riot Cut to Neutral
Wall Street bank JPMorgan reshuffled ratings and price targets on a group of bitcoin miners to begin the week. Updating estimates for the group to reflect second-quarter earnings and changes to the network hashrate and the bitcoin price, the bank upgraded MARA Holdings (MARA) to overweight and lifted its price target to $22 from $19, suggesting about 30% upside from the Friday close just above $17. IREN (IREN) was downgraded to neutral from overweight, though the price target was lifted to $16 from $12. Riot Platforms (RIOT) was also cut to neutral from overweight, and its target increased to $15 from $14. Overweight rated CleanSpark (CLSK) is the bank's top pick, with a raised price target of $15 versus $14 previous, suggesting about 30% upside from the close just below $12 on Friday. Unrated Cipher Mining (CIFR) has a new price objective of $6. "In a shift, we favor the pure-play operators within our coverage universe, as they offer the best relative value, and are best positioned to benefit from a rising bitcoin price," analysts Reginald Smith and Charles Pearce wrote. Miner price targets have been increased to account for higher bitcoin prices and improving mining profitability, the authors continued. The world's largest cryptocurrency was trading around $118,700 at publication time.
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Young families are shrinking their mortgages. But does this mean they are priced out?
Younger Canadian families are bucking the national trend and reducing their overall mortgage debt, figures from Statistics Canada suggest, but the decrease may not be all good news. After hitting a peak in the third quarter of 2022, average mortgage balances among families where the primary income earner is aged 35 or younger have fallen by about $15,500, according to a report out Tuesday from Toronto-Dominion Bank citing data from Statistics Canada. Even accounting for any seasonal variation, when comparing the first quarter of 2023 to this first quarter of 2025, there was an 8.5 per cent decline (or about $10,400 less on average) in mortgage balances among younger Canadians, said Maria Solovieva, TD economist and author of the report. All other age groups have seen a steady increase in household mortgage debt since the second quarter of 2020, Statistics Canada data show. It is likely many younger households are unable to access the housing market altogether due to affordability challenges, Solovieva said. After home prices hit their peak in March 2022, following the frenzy of homebuying amid lower interest rates during the COVID-19 pandemic, the Bank of Canada started raising interest rates and home sales began to soften. Solovieva said younger Canadians have been prioritizing reducing their debt obligations in the face of rising borrowing costs. About 35 per cent of young adults are likely to rent, compared with less than a quarter of older age groups, according to Statistics Canada's 2024 Canadian Social Survey. There may also be other reasons for the drop in mortgage balances among young people. It is possible some younger Canadians are purchasing cheaper homes or own their homes outright, especially if they have received financial gifts from their parents, Solovieva said. Since the total value of real estate assets for younger Canadians has grown since the third quarter of 2022, it suggests more people in this age group are receiving financial help to buy homes than those who may be buying less expensive homes, Solovieva said. In the meantime, older Canadians are taking on more debt, although there is no sign they are taking on more investment properties or renovations to account for this, she said. In fact, Statistics Canada reported recently that households aged 55 to 64 years increased their mortgage balances by more than eight per cent from the first quarter of 2024 to the same period in 2025, while those aged 65 years and older increased their mortgage balances by nearly nine per cent. Older Canadians are expected to pass down $1 trillion to their heirs over the next few years, according to the most recent data from the Chartered Professional Accountants Canada. Many wealth advisers have reported these wealth transfers are already arriving in the form of early inheritances; in most cases to help adult children purchase their first homes. A 2024 Bank of Canada report also found more than 20 per cent of first-time home buyers received gifts to help make their down payments. Younger first-time home buyers were even more likely to receive gifts when purchasing their homes. This could exacerbate an existing trend, Solovieva said. Data show the lowest-income young households have seen their debt-to-income ratio balloon from 244 per cent before the pandemic to 446 per cent in Q1 2025. 'A lot of wealth (is) built through real estate, (so) somebody who is not in the market is left out,' said Solovieva, noting existing homeowners have largely benefited from rising real estate values over time. 'It's basically going to continue on as long as we still have this dynamic of unaffordability.' The best mortgage rates in Canada right now The best reverse mortgage rates in Canada right now Solovieva does not expect this trend of waning mortgage balances to entirely reverse in the near future but does anticipate it to level off as immigration levels decline, which could cool growth in housing prices. The latest report from the Canadian Real Estate Association revealed the national average sale price was down 1.3 per cent year-over-year to hit $691,643 in June. • Email: slouis@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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TD names next board chair
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Dive Brief: TD Bank has tapped John MacIntyre as the chair of its board, effective Sept. 1, the lender said Monday, as it continues making changes to reassure investors. MacIntyre will replace Alan MacGibbon, who became chair of the board in February 2024. MacGibbon will retire, which the bank announced in January. MacIntyre has served as an independent director on the board since 2023 and chairs its human resources committee. Dive Insight: The Toronto-based lender's latest appointment aligns with its strategy to hire executives with strong regulatory experience, as the bank has started overhauling its leadership team amid an anti-money laundering scandal that resulted in more than $3 billion in penalties and a $434 billion asset cap on the bank's U.S. retail operations. MacIntyre has had a 30-year career in capital markets. Prior to joining TD, he retired as a partner emeritus from Birch Hill Capital Partners, which he co-founded in 2005. He has also served on public, private and nonprofit boards, including those of Park Lawn Corp., HomeEquity Bank, Maple Leaf Sports and Entertainment, YMCA Toronto and the University Health Network Foundation. TD aims to benefit from MacIntyre's 'deep understanding of financial services, global capital markets, technology, and risk management,' the bank said in the press release. 'Alongside my fellow directors and in concert with our strong leadership team, I look forward to supporting TD's strategy, further strengthening governance, and delivering long-term value,' MacIntyre said in a statement Monday, thanking MacGibbon for his contribution to the board and the bank. Earlier this month, TD hired Andrew Jensen, a veteran of the Treasury Department, as head of financial crime risk management in Canada, effective July 14. He replaced Stephen Joyce, who had been serving as the interim head of the unit. In January, TD's now-CEO Raymond Chun, who at that time was soon to replace outgoing CEO Bharat Masrani, said the bank 'rebuilt' its AML team in the U.S. with a new head of U.S. financial crimes and risk management. Chun stressed the importance of lessons learned from the debacle, including the significance of experienced staff. 'You need to have talent that is commensurate with the size and complexity of a bank [like] TD,' Chun said in January. 'Talent at the most senior levels in AML is absolutely one of the top priorities that we have as an organization.' Following the AML scandal and the penalty, TD expedited its CEO succession date to February — two months before Masrani's scheduled departure in April. In April, TD named four new members to its board of directors: Elio Luongo, Nathalie Palladitcheff, Frank Pearn and Paul C. Wirth. Pearn has served as a compliance and risk executive at JPMorgan Chase, while Wirth has been a finance and accounting executive at Morgan Stanley. As part of its broader restructuring move, TD announced in May that it would cut roughly 2% of its workforce and wind down a $3 billion portfolio tied to its U.S. point-of-sale financing business. Recommended Reading Making the case for women-owned banks
