UPDATE: Citigroup Lowers PT on Newmont Mining to $51

Citigroup maintained a Neutral rating on Newmont Mining

and lowered its price target from $56 to $51. Citigroup commented, “After updating our model to reflect our new gold price forecasts we are decreasing our target price to $51/sh from $56/sh previously. We estimate 2Q operating EPS of $0.90 vs. consensus of $1.10. With our lower gold price forecast we are reducing our NTM estimate for NEM's gold price linked dividend to $1.35/sh from $1.45/sh. We are also decreasing our EPS estimates for '12 to $3.95 from $4.60, for '13 to $4.30 from $5.10 and for '14 to $4.30 from $4.85.” Newmont Mining closed at $46.16 on Friday.