NEW YORK (TheStreet) -- Newmont Mining (NEM) shares are up 0.13% to $23.73 in early market trading on Thursday after the gold miner was upgraded to "outperform" from "sector perform" by analysts at RBC Capital today.
The upgraded outlook comes days after the company completed the $820 million purchase of the Cripple Creek & Victor gold mine in its home state of Colorado from South African gold miner AngloGold Ashanti (AU).
The company set a price target of $30 on the company's shares, a potential 26.4% upside from the stock's current price.
The company's stock fell following the acquisition and RBC analyst Stephen Walker believes that the lowered position represents an attractive entry point for investors.
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 revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."