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Newmont Mining’s Price Target From RBC Cut to $39 From $41

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Newmont Mining (NEM) received a reduction to its price target Monday from RBC Capital Markets as the firm cited integration risks for the gold miner’s pending acquisition of Goldcorp.

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The new price target from RBC is $39 per share, down from $41. The reduced target is still above the stock’s Friday closing price of $36.50 even as RBC kept its investment rating on the shares at underperform. The shares edged up 0.4% to $36.66 in recent Monday pre-market trading.

This comes after Goldcorp shareholders last week voted in favor of the deal, moving it one step closer to completion. A vote by Newmont’s shareholders is expected this Thursday, April 11. The company’s board is unanimously recommending that shareholders vote in favor of the deal.

In a Monday note to clients, RBC said “our financial estimates for Newmont have improved as a result of the Goldcorp takeover and Newmont-Barrick Nevada JV agreement.”

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However, it added, “a higher re-rating requires evidence of a successful integration of the core Goldcorp assets and financial benefits from the Nevada JV synergies.”

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