Merrill Lynch Believes Newmont Mining (NYSE: NEM) Won’t Stop Here

By Carrie Williams

In a report released today, Michael Jalonen from Merrill Lynch reiterated a Buy rating on Newmont Mining (NEMResearch Report), with a price target of $82.00. The company’s shares closed last Wednesday at $63.28, close to its 52-week high of $65.06.

According to TipRanks.com, Jalonen is a 3-star analyst with an average return of 1.3% and a 53.1% success rate. Jalonen covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Osisko Gold Royalties, and Hecla Mining Company.

Currently, the analyst consensus on Newmont Mining is a Strong Buy with an average price target of $67.53, representing a 5.5% upside. In a report issued on April 21, B.Riley FBR also maintained a Buy rating on the stock with a $98.00 price target.

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The company has a one-year high of $65.06 and a one-year low of $29.77. Currently, Newmont Mining has an average volume of 9.97M.

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Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States. The South America segment consists primarily of Yanacocha in Peru and Merian in Suriname. The Australia segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia. The Africa segment consists primarily of Ahafo and Akyem in Ghana. The company was founded by William Boyce Thompson on May 2, 1921 and is headquartered in Greenwood Village, CO.