In afternoon trade the Newcrest Mining Limited (ASX: NCM) share price is mostly flat at $21.63.
But as far as one broker is concerned the gold miner's shares could fall significantly in the next 12 months.
What happened?
Following the release of its full-year results yesterday, UBS has released a research note which reiterates its sell rating and places a $14.00 price target on its shares.
Based on its current share price, this would mean a decline of over 35% for its shares over the next 12 months.
Analysts at UBS appear to believe that the gold miner's shares are vastly overvalued.
And they may have a point. With Newcrest posting full-year earnings per share of 40.2 U.S. cents (51.1 cents) yesterday, its shares are currently changing hands at a lofty 42x full-year earnings.
