Newmont downgraded at CIBC after weaker-than-expected Q2 results

As previously reported, CIBC analyst Anita Soni downgraded Newmont to Neutral from Outperformer with a price target of $50, down from $54. After modelling in the company’s weaker-than-expected Q2 operating results, the firm is reducing its 2023 and 2024 forecasts as well as cutting its target multiple to reflect the risk associated with Newmont achieving the lower end of its annual guidance given the back-half weighting, the analyst tells investors.