BMO Capital Markets Reiterates Outperform Rating, $67.50 PT on Newmont Mining Corp.
In a report published Monday, BMO Capital Markets reiterated its Outperform rating and $67.50 price target on Newmont Mining Corp. (NYSE: NEM).
BMO Capital Markets noted, “Newmont announced that current President and COO Gary Goldberg will become President and CEO and join the Board of Directors on March 1, 2013, replacing Richard O'Brien in a smooth and planned transition. Mr. Goldberg, who has 30 years of experience in the mining industry (mostly with Rio Tinto), joined Newmont in December 2011 as EVP and COO and was later promoted to President and COO in July 2012. Before joining Newmont, Mr. Goldberg served as President and CEO of Rio Tinto Minerals from 2006 to 2011; he also holds a Bachelor degree in Mining Engineering and a MBA. Newmont will be one of the few senior global gold companies to have a CEO with a technical background in mining. Newmont is trading at 1.3x NPV using spot prices at 10%, compared to the senior producers average of 1.2x.”
Newmont Mining Corp. closed on Friday at $47.09.
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