UPDATE: JP Morgan Reduces PT to $65 on Newmont Mining on Production Update

JP Morgan reiterated its Overweight rating on Newmont Mining

but reduced its price target from $66 to $65. JP Morgan said, "With this note we are updating our estimates for Newmont post yesterday's operational update. Our new Q3 EPS estimate is for $0.83 vs. our previous estimate of $1.08. Our Q4 earnings estimate has moved up slightly to $1.21/share vs. our previous estimate of $1.14/share on expectations of an old Newmont style big finish driven by a sell down of the 100koz inventory and a better operational quarter as operating management addresses issues." Newmont Mining closed at $55.88 on Tuesday.