Newmont price target lowered to $55 from $59 at TD Securities

TD Securities analyst Greg Barnes lowered the firm’s price target on Newmont to $55 from $59 and keeps a Buy rating on the shares. The company’s lower production during Q2 was the result of several operational issues, including the ongoing strike at the Penasquito, a temporary shutdown at Eleonore due to wildfires, and safety inspections at Cerro Negro, the analyst tells investors in a research note. The firm eased back its target multiples slightly to reflect Newcrest integration risk in 2024.