Citi Downgrades Newmont (NEM), Starts Kinross (KGC) at Buy, Goldcorp (GG) at Neutral

Several analysts at Citi adjusted their coverage universe within the Gold sector Tuesday morning. The firm sees gold prices averaging $1,709 per ounce in 2012, a price level which will allow even the "highest cost products" to enjoy wide margins. Citi maintained a Buy rating on shares of Barrick Gold (NYSE: ABX) and called the stock a "longer-term relative value idea based on their low-cost position."

• Newmont Mining (NYSE: NEM) downgraded from Buy to Neutral, price target lowered from $80 to $56.
  
• Kinross Gold (NYSE: KGC) started at Buy with a $13 price target.
  
• Goldcorp (NYSE: GG) started at Neutral with a $47 price target.

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