Goldman Sachs Maintains Buy on Newmont Mining Corp. (NEM)

Goldman Sachs is out with its report today on Newmont Mining Corp. NEM, maintaining Buy. In a note to clients, Goldman Sachs writes, "Despite inflationary headwinds in FY2010, Newmont reported net income of $2.3Bn (a 76% increase), and $3.2Bn of operating cash flow. Adjusted net income rose 39% from the previous year to $1.9Bn. Adjusted EPS of $3.85/sh was above the consensus estimate of $3.77/sh and our estimate of $3.54/sh. Gold operating margin increased by 30% to $737/oz, as realized gold price outpaced cost increase. The company ended the year with $5.6Bn in cash and marketable securities. Our Buy rating reflects our positive view of NEM's strong leverage to gold price and discount to its peer group." Goldman Sachs has a $73.95 PT on NEM. At the time of posting, shares of NEM were trading at $55.23, up 0.86% from Thursday's close.