As previously reported, Macquarie analyst Andrew Bowler downgraded Newmont (NEM) to Neutral from Outperform with an unchanged price target of $72 while naming Northern Star Resources (NESRF) the analyst’s preferred large-cap gold stock. Newmont was previously the analyst’s top pick as the firm expected a tumultuous guidance season for Northern Star and strong production performances from Newmont, which “came to fruition,” but Newmont has now seen a 25% share-price lift since late-June, while Northern has remained flat, the analyst tells investors.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NEM:
- Newmont downgraded to Neutral from Outperform at Macquarie
- Newmont Mining Stock (NEM) Cracks on Reports it is Shedding Thousands of Jobs
- Morning News Wrap-Up: Wednesday’s Biggest Stock Market Stories!
- Newmont considers deep job cuts in cost drive, Bloomberg reports
- Newmont price target raised to $87 from $77 at BofA