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Newmont Mining upgraded, Barrick Gold downgraded at Morgan Stanley

Jun. 12, 2018 3:03 PM ETNewmont Corporation (NEM) Stock, NGT:CA StockNEM, GOLDBy: Carl Surran, SA News Editor6 Comments
  • Newmont Mining (NEM +0.3%) is upgraded to Overweight from Equal Weight with a $40 price target, raised from $37, at Morgan Stanley, citing its stronger execution, steadier production profile, deeper project pipeline, better reserve life and lower leverage vs. Barrick Gold (ABX -0.6%).
  • The firm thinks NEM's new projects coming online should more than offset production from existing mines that is set to decline, especially given that the company has built a track record of successful project delivery.
  • Stanley also downgrades ABX to Underweight from Equal Weight with a $12 target, cut from $14, believing ABX's recent underperformance looks set to continue through the rest of the year and ahead of the company's final agreement with the government of Tanzania.

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