UBS downgraded Newmont (NEM) to Neutral from Buy with a price target of $54, down from $67. The firm has “limited conviction” in Newmont’s ability to hit guidance and restore market confidence. Factoring in the guidance from the Q3 report drives material downgrades to the firm’s medium-term production and free cash flow forecasts, impacting Newmont’s ability to offer sustainable cash returns versus peers, the analyst tells investors in a research note.
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