Newcrest Mining downgraded to Hold from Buy at Jefferies

Jefferies analyst Mitch Ryan downgraded Newcrest Mining (NCMGY) to Hold from Buy with a price target of C$24, down from C$25. After rejecting the acquisition bid by Newmont (NEM), Newcrest now needs to justify its value to investors or incentivize a revised proposal, said the firm, which believes the company will prioritize short-term production over medium-term sustainable growth.