Newmont Mining tumbles after Barclays downgrade

Newmont Mining (NEM -3.3%) is downgraded to Equal Weight from Overweight at Barclays, as the firm cuts its North American precious metal mining industry (GDX) rating to Neutral from Positive to reflect its gold forecast changes and the recent rally in miners.

Goldcorp (GG -2.4%) remains Top Pick as Barclays continues to favor quality names that offer production growth, cost control and balance sheet strength.

Following relative share price outperformance YTD, the firm looks to 2014 metrics in downgrading NEM.

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