Movement Alert｜Newmont Falls 3.06% in Pre-Market Trading, Gold Sector Broadly Weak as Investment Banks Cut Target Prices

Market Focus06-23 16:20

On June 23, Newmont fell 3.06% in pre-market trading, trading at $98.25/share, with turnover of $546,000.

On the news front, the gold sector extended selling pressure with precious metals prices declining sharply — spot gold fell over 1% and spot silver plunged 4%, dragging down mining stocks broadly. Within the Gold sector, AngloGold Ashanti fell 6.16%, Alamos fell 3.37%, Agnico Eagle Mines fell 3.21%, Wheaton Precious Metals fell 2.82%, and Coeur Mining fell 2.8%.

Additionally, multiple investment banks recently lowered their target prices on Newmont. BNP Paribas cut its target from $128 to $111, while Macquarie reduced its target from $133 to $123. According to analysts polled by FactSet, the stock maintains an average overweight rating with a mean target price of $144.68. The downward revisions reflect a tightening of market valuation expectations, further weighing on stock price performance amid the broader sector weakness.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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