In a report released today, Adam Graf from B.Riley FBR assigned a Hold rating to Newmont Mining Corporation (NEM), with a price target of $38.40. The company’s shares opened today at $33.24.
“We are transferring coverage of Newmont Mining Corporation (NEM—Neutral, $38.40 PT), an established global miner with a portfolio of operating gold mines located on four continents, to reflect our new sector coverage of precious metals. Although we believe that NEM shares offer investors exposure to a liquid, U.S.-based miner and strong operating leverage to gold prices and that management has demonstrated a strong operating and organic growth track record, two recent announcements leave us on the sidelines. In January, Newmont announced a friendly merger with Goldcorp (GG), bringing together two of the world’s largest gold producers. More recently, Gold (GOLD) announced a joint venture to combine Nevada operations.”
According to TipRanks.com, Graf is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -18.1% and a 19.2% success rate. Graf covers the Basic Materials sector, focusing on stocks such as First Majestic Silver, Hecla Mining Company, and Pan American Silver.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Newmont Mining Corporation with a $39.50 average price target.
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Based on Newmont Mining Corporation’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $2.04 billion and net profit of $2 million. In comparison, last year the company earned revenue of $1.93 billion and had a GAAP net loss of $527 million.
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Newmont Mining Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Australia, and Africa.