NEW YORK (TheStreet) -- Newmont Mining (NEM) - Get Report stock is down 0.22% to $22.19 in early afternoon trading Thursday despite Credit Suisse's price target raise to $24 from $21, while maintaining its "neutral" rating. 

"We are more constructive on Newmont Mining as the company enters 2015 having delivered a strong 2014 on all fronts including an improved balance sheet, and operational performance, with costs and production both better than expectations," analysts said. 

In addition, the production-stage mining company has had some exploration success including at Tanami in Australia; Merian in Suriname, Africa and Long Canyon in Austin, TX, the firm noted. 

"With gold at $1,200 per ounce and higher, Newmont plans to develop Merian, progress its highest value projects and potentially pre-pay $750 million in debt," Credit Suisse said, adding that at lower prices, Newmont would continue to develop Merian while pursuing savings in capex, exploration and support costs.

Credit Suisse increased its price target on a higher net asset value (NAV) estimate and higher target multiples following the company's strong 2014 and improved visibility for the 2015 to 2017 outlook and project pipeline. 

NAV increased to $16.53 per share from $12.95 per share due to increased value for Nevada, Tanami, Kalgoorlie (Australia), and Merian, analysts said.

Separately, TheStreet Ratings team rates NEWMONT MINING CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate NEWMONT MINING CORP (NEM) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year."

You can view the full analysis from the report here: NEM Ratings Report