BMO Capital Markets on Thursday reiterated its outperform rating on the shares of Newmont (NGT.TO, NEM) and its US$64.00 price target following first-quarter results from the No.1 gold producer.
"NEM had a better-than-expected Q1, beating materially on earnings and cash flow, including free cash flow of $1.2B (vs. BMO $0.4B, cons $0.5B). Drivers included better-than-expected sales, realized pricing (strong provisional pricing, lower smelter charges), and lower costs. Cadia, Penasquito, Lihir, and Ahafo stood out. NEM bought back $407M in stock so far in April alone. NEM expects similar production in Q2 with slightly higher AISC. Production should pick up in H2/25. We see this Q1 as a strong start to 2025," analyst Matthew Murphy wrote.
(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: 73.70, Change: -1.64, Percent Change: -2.18
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