Schaeffer's Trading Floor Blog

Analyst Update: Yelp Inc, Barrick Gold Corporation (USA), and Newmont Mining Corp

Analysts adjusted their ratings on YELP, ABX, and NEM

by 7/31/2014 12:25 PM
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Analysts are weighing in today on business review site Yelp Inc (NYSE:YELP), as well as precious metal producers Barrick Gold Corporation (USA) (NYSE:ABX) and Newmont Mining Corp (NYSE:NEM). Here's a quick look at today's brokerage notes on YELP, ABX, and NEM.

  • YELP posted its first-ever quarterly profit last night -- topping the Street's consensus view -- and was subsequently met with a rush of positive brokerage attention. In fact, no fewer than 10 firms increased their price targets on the stock (although Raymond James lowered its rating to "market perform" from "outperform"). Of course, none of this is helping Yelp Inc today, with the shares off nearly 11% to trade at $67.56 -- bringing their year-to-date performance into the red. Should this downtrend continue, YELP could get hit with additional downgrades, as 19 out of 26 covering analysts offer up a "buy" or better recommendation on the equity.

  • ABX reported weaker-than-expected second-quarter earnings last night, but lowered its full-year cost guidance. Nevertheless, UBS upped its price target on the stock to $19 from $18.50, and reaffirmed its "neutral" opinion of the shares. On the charts, Barrick Gold Corporation (USA) has been struggling -- up less than 4% in 2014 to rest near $18.26 -- and saw its most recent rally stymied in the $19-$19.50 area. As such, short sellers have taken an increasing interest in the security, with short interest rising 21.4% during the two most recent reporting periods to more than 15 million shares.

  • Following yesterday's update on the status of its Indonesian copper mine, NEM received a pair of price-target hikes at Mackie (to $21 from $20) and RBC (to $29 from $27) -- though Cowen reduced its price target on the stock by 3 cents to $32.11. Newmont Mining Corp shares have fared better than those of rival ABX, tacking on roughly 9% year-to-date to wink at the $25.08 level. Still, the Street is skeptical of the equity; in fact, 14 out of 16 covering analysts have doled out "hold" or worse recommendations on the shares.

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