The Globe and Mail reports in its Thursday, May 2, edition that National Bank Financial analyst Mike Parkin has lowered his recommendation for Newmont to "sector perform" from "outperform," citing its current valuation and lower free cash flow outlook over the medium term. The Globe's David Leeder writes in the Eye On Equities column that Mr. Parkin trimmed his share target by a loonie to $68. Analysts on average target the shares at $64. Mr. Parkin says in a note: "Last Thursday, Newmont reported Q1 operating and financials results, posting a strong adj. EPS beat to both NBF estimates and consensus. The stock reacted very well to the beat, rising 12 per cent on Thursday. We followed up with management to better understand the working capital outflows over the medium term and adjusted our estimates to better reflect these commitments, which weighed on our FCF outlook for the company. We continue to believe Newmont is a quality name to own. However, with the recent rally in the share price and current valuation we see Newmont shifting to trade more in line with peers." The Globe reported on Nov. 8 that Mr. Parkin had reaffirmed his "outperform" recommendation for Newmont. It was then worth $50.63.