On August 17, Newmont Mining rose 3.03% in regular trading, trading at $121.285/share, with turnover of $3.01 billion.
On the news front, multiple investment banks raised their price targets on the stock in quick succession. Bank of America Global Research lifted its target from $135 to $145, while BNP Paribas raised its target from $102 to $112 while maintaining a Neutral rating. Raymond James had previously adjusted its target to $131 from $128, maintaining an Outperform rating. The consensus mean price target among analysts polled by FactSet has risen to $135.25.
The broader gold sector rallied in tandem, with peers Barrick Mining gaining 2.99% and AngloGold Ashanti rising 3.94%. The target price upgrades come on the heels of Newmont's resolution of the Nevada Gold Mines dispute with Barrick, a $1.95 billion transaction that TD Cowen estimates delivers approximately $4.7 billion in value accretion, while UBS projects the company could return over $3 billion to shareholders through buybacks and dividends in the second half.
(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.)