Newmont (NEM) shares surged about 9% on Friday after the gold miner delivered solid quarterly results. BMO Capital’s Matthew Murphy raised his price target on the stock to $145 (20.1% upside potential) from $140 while keeping a Buy rating. The five-star analyst said the company is “off to a good start this year” and is positioned to generate “substantial free cash flow and returns via the buyback.”
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Murphy added that while Q2 production may dip slightly, Newmont is managing costs effectively and is on track to grow output in the second half of 2026 and beyond.
It is worth noting that the analyst ranks 64 out of more than 12,206 analysts tracked by TipRanks. He has an overall success rate of 100% on NEM stock, with an average return per rating of 53.75% over a one-year timeframe.
NEM’s Q1 Earnings Snapshot
The upbeat commentary helped fuel investor optimism following stronger-than-expected Q1 results marked by steady production, disciplined cost control, and continued progress on Newmont’s integration efforts.
Q1 revenue rose 45.9% year-over-year to $7.31 billion and beat expectations of $6.57 billion. Furthermore, NEM’s earnings per share came in at $2.90, which beat analysts’ consensus estimate of $2.18 per share and climbed 132% year-over-year.
Moreover, the company executed additional share buybacks year-to-date, a move the analyst said should support per-share growth metrics throughout 2026.
Newmont’s rally comes as gold prices remain elevated and investor interest in precious metal producers strengthens. With better operational visibility and a clearer path to higher production later this year, the company appears well-positioned to benefit from the current commodity scenario.
Is NEM Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Newmont stock based on 10 Buys and one Hold assigned in the past three months. Further, the average NEM price target of $153.18 per share implies 26.91% upside potential.
