Newmont Soars With A New $60 Price Target, Leads S&P 500 Higher

Newmont Corporation (NYSE:NEM) received an upgrade from UBS from Neutral to Buy, setting a 12-month price target of $60 per share. The bank cited a significantly more favorable gold market outlook and the company's improved capital return potential following strategic divestments.

UBS sees gold trading at $3,500 per ounce in 2026, up 23% from its prior estimates. The bank says the macro environment closely mirrors previous periods of financial turmoil, such as the global financial crisis and the COVID-19 pandemic, when gold outperformed following initial selling pressure. Thus, UBS sees gold as increasingly attractive in a world of heightened geopolitical and economic uncertainty.

Newmont, the world's largest gold producer, has underperformed the spot price and the VanEck Gold Miners ETF (NYSE:GDX) by roughly 40% over the past five years, leading ...

https://www.benzinga.com/25/04/44773404/newmont-soars-with-a-new-60-price-target-leads-sp500-higher