RBC Capital analyst Stephen Walker lowered his price target on Newmont Mining (NEM) to $39 and kept his Underperform rating, saying that while his model has improved as a results of its Goldcorp (GG) takeover, integration risks are heightened and a re-rating would require evidence of the deal's success and benefits from the Nevada JV synergies. The analyst also lowers his FY19 and FY20 EPS to $1.23 and $1.28 from $1.34 and $1.51 respectively to reflect the integration risks, though he sees some upside to his estimates from better than expected synergies of the assets.