UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on Newmont Mining Corp. on Lowered Estimates

In a report published Wednesday, Citigroup reiterated its Neutral rating on Newmont Mining Corp. NEM, but slightly lowered its price target from $50.00 to $49.00. Citigroup noted, “Incorporating actual 4Q12 gold prices and our revised forecast for 2013 brings our estimate down to $3.90 from $4.14. Newmont already provided 2013 guidance, expecting production to be stable YoY at the midpoint of guidance (4,950k ozs) while unit cash cost should climb by 5.6% (+$38/oz) to $713/oz. - Newmont Mining (NEM) - 4Q12 Output Disappoints, Cutting 2013 Est's to Reflect Guidance.) We are taking our price target down slightly to $49/share from $50. We value the stock based on a weighted average of multiple and DCF valuation, and we continue to apply a 14.0 multiple to EPS but we shift valuation out to 2014. Maintain Neutral rating.” Newmont Mining Corp. closed on Tuesday at $45.28.