Little Room to Move for Shares of Newmont Mining (NEM)
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Price: $32.28 +5.39%
Rating Summary:
7 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
7 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade NEM Now!
Jefferies lowered their price target on Newmont Mining Corp. (NYSE: NEM) from $49 to $46 while maintaining a HOLD rating on the mining company.
“Empirical evidence does not support the idea that NEM shares will perform well either as a leveraged play on a rising gold price or as a defensive safe haven,” stated an analyst in a company note dated March 23rd.
“With the very strong gold price in recent years and flattish stock price performance, Newmont’s multiple has indeed compressed in line with our expectations.”
The new $46 target assumes a net firm value 6.7 times 2014 EBITDA forecast of $3.8 billion in a year.
For an analyst ratings summary and ratings history on Newmont Mining Corp. click here. For more ratings news on Newmont Mining Corp. click here.
Shares of Newmont Mining Corp. closed at $48.57 yesterday, with a 52 week range of $43.23-$72.42.
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“Empirical evidence does not support the idea that NEM shares will perform well either as a leveraged play on a rising gold price or as a defensive safe haven,” stated an analyst in a company note dated March 23rd.
“With the very strong gold price in recent years and flattish stock price performance, Newmont’s multiple has indeed compressed in line with our expectations.”
The new $46 target assumes a net firm value 6.7 times 2014 EBITDA forecast of $3.8 billion in a year.
For an analyst ratings summary and ratings history on Newmont Mining Corp. click here. For more ratings news on Newmont Mining Corp. click here.
Shares of Newmont Mining Corp. closed at $48.57 yesterday, with a 52 week range of $43.23-$72.42.
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