Ultimate magazine theme for WordPress.

BTC
$10,382.19
+2.66%
ETH
$193.31
+1.18%
LTC
$74.43
DASH
$93.52
XMR
$80.91
-0.93%
NXT
$0.02
0%
ETC
$7.04
-2.82%
DOGE
$0.00
-0.67%
ZEC
$50.89
-0.24%
BTS
$0.04
0%
DGB
$0.01
+5.28%
XRP
$0.28
+2.22%
BTCD
$26.08
PPC
$0.39
-0.61%
CRAIG
$0.00
XBS
$0.02
0%
XPY
$0.05
0%
PRC
$0.01
0%
YBC
$29.07
0%
DANK
$0.00

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

794

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.

- Advertisement -

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.”

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.”

Comments