JPMorgan Assumes Newmont Mining Corp. (NEM) at Overweight
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JPMorgan analyst Michael Glick assumes coverage on Newmont Mining Corp. (NYSE: NEM) with a Overweight rating (from $83.00).
The analyst comments "We rate NEM Overweight as its solid production and declining cost profile should allow it to generate strong levels of FCF to fund attractive internal growth projects (e.g., Ahafo North and Yanacocha Sulfides) and increase its dividend. The company is one of the few in the natural resources sector to feature a variable dividend, and our analysis of companies that have pursued such a path in the past suggests such a structure can be a driver of both absolute and relative outperformance. Given the free cash flow profile of the industry, we believe more companies should pursue such a path, particularly in a yield-starved market."
Shares of Newmont Mining Corp. closed at $60.01 yesterday.
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