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
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。