Friday, May 28, 2010

Citigroup (NYSE:C) Maintains Newmont (NYSE:NEM) "Hold" Rating

While news coming out of the Newmont Mining (NYSE:NEM) Investor Day Thursday has been positive, Citigroup (NYSE:C) kept its rating on the gold miner at "Hold."

A Citigroup analyst said, "Newmont hosted an upbeat Investor Day with detailed presentations fom all the regions. The conclusions were mostly positive: 1. reiterated focus on shareholder value vs. adding near term production, 2. strong possibility of higher dividends, 3. clear advances in the project pipeline since last year. Reiterate Hold rating – our top pick in gold is Barrick (NYSE:ABX)."

National Bank analyst Tanya Jakusconek, was a little more impressed, increasing her target price on the gold miner to $66 a share, a 10 percent hike over the prior target share price of $60 a share.

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