Deutsche Bank Downgrades Newmont Mining Corp. (NEM) to Hold

Deutsche Bank downgraded Newmont Mining Corp. (NYSE: NEM) to Hold with a price target lowered from $77 to $64.

Deutsche analyst says, "Recent performance has been driven by rising gold prices, delivery of strong quarterly earnings and implementation of innovative gold-linked dividend. Medium-term performance should be driven by Ahafo/Akyem (Africa), Conga (Peru), and recently acquired Long Canyon (Nevada) projects, which should boost gold output from 5.3m oz in 2010 to ~7.0m oz in 2017. Newmont’s gold-linked dividend has been recently enhanced, which could result in an annualized dividend of ~$2.70/share (~4% yield) if gold prices average ~$2,000/oz. We have cut our rating to Hold from Buy on rising risk to growth outlook on Conga project and slower-than-expected execution of other projects."

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 $61.97 yesterday.

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