UBS on Friday upgraded its rating on the shares of Newmont (NGT.TO, NEM) to buy from neutral while raising its prices target to US$60.00 from US$50.00 as the world's No.1 gold producer benefits from record prices for the metal.
"Consistent with previous major macro shocks (e.g., GFC & Covid) gold & gold equities were initially sold (margin calls/equity de-grossing) and are now rallying; in our view the macro backdrop for gold is incrementally more supportive and we upgrade gold price forecasts targeting $3,500/oz in 2026. NEM has underperformed the gold price & GDX ~40% over the last 5yrs, resulting in valuation de-rating from ~8x (10yr av) to ~6x at spot. Looking forward in our view 2025 guidance looks achievable and will drive positive operational momentum vs low expectations; consensus gold price upgrades should drive positive earnings momentum, material cash returns in 2025 are supportive and shoule be sustainable in 2026 in a stronger for longer gold price environment. Upgrade to Buy with $60/sh target price," the investment bank noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 74.54, Change: +3.31, Percent Change: +4.65
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