Newmont initiated with an Outperform at Macquarie

Macquarie initiated coverage of Newmont with an Outperform rating and $45 price target. The company has a “truly diversified” gold portfolio with ownership, joint venture share or equity interest in 20 production centers and a “healthy” organic pipeline, the analyst tells investors in a research note. After underperforming peers, the firm anticipates Newmont shares to recover following the resolution of the NCM deal, Penasquito strike, and portfolio optimization.