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In a report published Monday, Sterne Agee Group reiterated its Buy rating and $65.00 price target on Newmont Mining
NEM.
Sterne Agee noted, “NEM missed our 2Q earnings estimates on lower gold and copper sales volumes and realized pricing, and higher costs at Boddington and other Australia/New Zealand mines. Reduced capex budget by 10% and moving quickly on discretionary cost savings. Shares should recover as gold moves higher and second half cash flow accelerates. We would add to positions.”
Newmont Mining closed on Friday at $46.09.
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