UPDATE: J.P. Morgan Raises PT on Newmont Mining to $89 (NEM)

J.P. Morgan is out with its report on Newmont Mining NEM, raising its PT from $79 to $89. In a note to clients, J.P. Morgan writes, "We raise our TP to $89. We've incorporated Newmont's new strategy into our financial model. With fewer engineered numbers we've had to make more estimates but we are encouraged by the additional projects and while gold prices remain firm we expect the projects to go ahead. We continue to see Newmont as attractive and we reiterate our Overweight rating." Shares of NEM closed Monday at $56.95, down 1.79% from Friday's close.