UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Newmont Mining Corp. on Improved Outlook

In a report published Thursday, Credit Suisse analyst Anita Soni reiterated a Neutral rating on

, and raised the price target from $21.00 to $24.00. In the report, Credit Suisse noted, "Our TP increases to US$24 from US$21 on a higher NAV est. and higher target multiples following NEM's strong 2014 and improved visibility for the 2015-2017 outlook and project pipeline. NAV increased to US$16.53/sh from US$12.95/sh due to increased value for Nevada (+$1.10/sh on lower LOM costs), Tanami (+$0.98/sh on higher production & lower costs), Kalgoorlie (+$0.31/sh on AUD benefit) and Merian (+$0.29/sh on reserve increase); partly offset by a ($1.44)/sh reduction to Ahafo on higher opex. Target NAV multiple to 1.4x from 1.3x and OpCFa to 14x from 13x, in-line with peers. FY15/16 OpCFa decreases to $1.53/sh from $1.70/sh on a lower 2016 production estimate." Newmont Mining Corp. closed on Wednesday at $22.24.