Did purdential comment on Gold? ===============================================================
Hi Tony, All I know is that a friend just called me and said that CNBS reported (do they report or distort?) that Pru had downgraded the gold sector because of the high PoG.
While this may initially weigh heavily on the miners, my immediate thoughts were that "they aint seen nuttin' yet!"
Did purdential comment on Gold? ===============================================================
Tony, Re your question...... Just came across this blurb. Prolly a typo but Pru analyst Tumazos has a target price that is $12 below the current one. <VBG>
Tuesday, March 30, 2004 1:29:38 PM ET Prudential Financial
NEW YORK, March 30 (New Ratings) Analyst John C Tumazos of Prudential Financial maintains his underweight rating on Newmont Mining (NEM). The target price has been reduced from $37 to $35.
In a research note published this morning, the analyst mentions that gold prices are likely to decline this year. Prudential Financial expects the reduced gold prices to adversely impact Newmont Minings near-term earnings growth potential. The EPS estimates for 2004 and 2005 have been reduced from $1.57 to $1.31 and from $1.53 to $1.27, respectively.
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