Newmont Mining Corp. (NEM) PT Lowered to $58 at Raymond James

Raymond James analyst Brian MacArthur lowered the price target on Newmont Mining Corp. (NYSE: NEM) to $58.00 (from $59.00) while maintaining a Outperform rating.

The analyst comments "Transaction: NEM has announced that it has agreed to sell its Porcupine operation in Ontario, Canada to Discovery Silver Corp. for up to $425 mln in total consideration. Under the terms of the agreement, NEM expects to receive: cash consideration of $200 mln, due upon closing, equity consideration of $75 mln in the form of Discovery shares to be issued upon closing and deferred cash consideration of $150 mln to paid in four annual payments of $37.5 mln commencing on December 31, 2027. The transaction is expected to close in H1 2025, subject to certain conditions being satisfied. Upon closing the sale of the Porcupine operation and the previously announced transactions, NEM will have delivered up to $4.3 billion in total proceeds from non-core asset divestitures and investments. We have updated our forecasts for the Porcupine sale."

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