On July 14, Newmont rose 3.65% in pre-market trading, trading at $96.75/share, with turnover of $9.99 million. The move was driven by TD Cowen upgrading the stock from Hold to Buy, while slightly adjusting its price target from $129 to $127.
Despite the marginal target price reduction, the rating upgrade signals strengthened confidence in Newmont's fundamentals. According to FactSet, the stock carries an average analyst rating of overweight with a mean price target of $137.20, implying significant upside from current levels. Notably, over the past several weeks, multiple investment banks including BofA Securities, RBC Capital, Goldman Sachs, and Raymond James have lowered their price targets but uniformly maintained positive ratings such as Buy or Outperform.
Additionally, the broader Gold sector showed strength, with peers Coeur Mining up 3.96%, Barrick Mining up 3.34%, Agnico Eagle Mines up 3.22%, and Anglogold Ashanti up 3.10%. Newmont is scheduled to report next quarter earnings on July 23 after market close, with consensus EPS expectations at $2.18.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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