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By: Dividend Daily
July 15, 2013 at 13:38 PM EDT
Newmont Mining Downgraded at BMO Capital (NEM)
On Monday gold producer Newmont Mining Corp (NEM) was downgraded to “Market Perform” at BMO Capital.
The firm has lowered its rating on NEM from an “Outperform” to a “Market Perform,” and has given the company a $35 price target. This price target suggests a 22% upside from the stock’s current price of $27.45.
The company has been downgraded, as it will likely be hurt by weak gold prices.
Newmont Mining shares were mostly flat during Monday morning trading. The stock is down 41% YTD.
The Bottom Line
Newmont Mining Corp (NEM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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