Newmont resumed with an Outperform at BMO Capital

BMO Capital analyst Jackie Przybylowski resumed coverage of Newmont following a period of restriction with an Outperform rating and a price target of $58, down from $65. The lower target reflects Q2 and Q3 earnings for both Newmont and Newcrest and other events including a prolonged strike at Penasquito, but the new target does not reflect a negative view of the Newcrest transaction, the analyst tells investors in a research note. Newmont offers stability, a strong management team, and a conservative corporate strategy, which are attractive to many gold and generalist investors, the firm added.