Monday, March 7, 2011

JP Morgan (JPM) Boosts Barrick (ABX), Newmont (NEM), Lowers PAAS

J.P. Morgan analyst John Bridges ahs raised his price target on Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM), while lowering his target on Pan American Silver Corp. (NASDAQ:PAAS).

Along with Newmont and Barrick, Bridges has "Overweight" ratings on Kinross Gold Corp. (NYSE:KGC), Goldcorp Inc. (NYSE:GG) and NovaGold Resources Inc. (AMEX:NG).

Bridges lowered his rating on Pan American Silver, citing that it lost some ground in Peru in a survey of mining jurisdictions by The Fraser Institute. He lowered his price on the silver miner from $41 to $40.

For Barrick, he raised the price target from $64 to $66, and for Newmont from $78 to $79.

Barrick closed Friday at $52.83, up $0.23, or 0.44 percent. Newmont closed at $54.27, up $0.67, or 1.25 percent. Pan American Silver closed at $39.55, gaining $1.10, or 2.86 percent.

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