Newmont (NEM) Soars 7.91% on Gold Price Rally, UBS Upgrade

Newmont (NEM) surged 7.91% today, marking its fifth consecutive day of gains, with a 24.42% increase over the past five days. The share price reached its highest level since October 2024, with an intraday gain of 9.66%.

Newmont's stock has been buoyed by the rising gold prices, which have driven the company's performance. The increase in gold prices has led to a positive outlook for Newmont, with analysts expecting the company to capitalize on the continued rally in gold prices.

Newmont is actively engaging in debt reduction and asset sales, aiming to generate net cash proceeds of approximately $2.5 billion. This strategic move is expected to contribute positively to the company's stock performance by strengthening its financial position.

UBS has upgraded Newmont to "Buy" with a raised price target of $60, anticipating further stock gains as gold prices reach record highs. This upgrade reflects the positive market sentiment and the company's strong financial health, which has been supported by a net income of $1.4 billion for the fiscal year ending December 31, 2024.

Newmont has a high Momentum Style Score, with shares up 11.6% over the past four weeks. Analysts have revised earnings estimates upward for fiscal 2025, further boosting stock momentum. This positive momentum, combined with recent promising quarterly results, has driven a 4.92% increase in stock price, reflecting the company's strong performance and market sentiment.