On July 14, Newmont rose 4.63% in regular trading, trading at $97.07/share, with turnover of $134 million. The rally was primarily driven by TD Cowen upgrading the stock from Hold to Buy, while slightly adjusting its price target from $129 to $127.
Although the target price was modestly trimmed, the rating upgrade signals strengthening confidence in Newmont's fundamentals. Notably, multiple investment banks have recently lowered their price targets on Newmont but maintained positive ratings, including Bank of America Securities (target $132, Buy), RBC Capital ($135, Outperform), Raymond James ($137, Outperform), and Goldman Sachs ($111.40, Buy). FactSet consensus reflects an average Overweight rating with a mean target of $137.20.
The broader gold sector also rallied, with Coeur Mining up 4.81%, Barrick Mining up 3.48%, Agnico Eagle Mines up 3.21%, Anglogold Ashanti up 3.0%, and Wheaton Precious Metals up 2.89%. Newmont's next earnings report is expected on July 23, with consensus EPS of $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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