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Fly News Breaks for August 15, 2019
GG, NEM
Aug 15, 2019 | 06:36 EDT
Newmont Goldcorp shares has underperformed the gold group by 20%-30% since the Goldcorp (GG) deal was announced, Citi analyst Alexander Hacking tells investors in a research note. This seems "highly punitive," says the analyst, who views the underperformance as overdone. His "back-of-envelope" analysis implies a market value of the Goldcorp assets of $6B with gold at $1,530 or ounce versus the $10B that Newmont paid with gold at $1,280 per ounce. Hacking reiterates a Buy rating on Newmont shares.
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