Newmont price target lowered to $57 from $58 at BofA

BofA analyst Lawson Winder lowered the firm’s price target on Newmont (NEM) to $57 from $58 and keeps a Buy rating on the shares after the company announced an agreement to sell its non-core Porcupine mine in Canada to Discovery Silver for total consideration of $425M, or a net present value of $389M. The firm’s lower price target following the deal is based on a 1% lower net asset value estimate, the analyst noted.