Goldman Sachs Downgrades Newmont Corporation (NEM) to Neutral from Buy

Newmont Corporation (NYSE:NEM) is one of the 10 Cheap Large Cap Stocks to Buy According to Hedge Funds. On July 8, Goldman Sachs downgraded Newmont Corporation (NYSE:NEM) to Neutral from Buy with a $60.90 price target. The firm stated that it sees more limited valuation upside after the recent outperformance by the stock.

The analyst further told investors in a research note that while Newmont Corporation’s (NYSE:NEM) business “remains defensive,” its valuation now appears fairer when compared to its peers, with cost improvement being a 2-3 year story.

Newmont Corporation (NYSE:NEM) explores and acquires gold properties containing silver, copper, lead, zinc, or other metals. Its operations are divided into the following geographical segments: Canada, Mexico, Suriname, Argentina, Peru, Australia, Papua New Guinea, Ghana, and the US.

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Disclosure: None. This article is originally published at Insider Monkey.