Newmont Mining (NEM) has received a new Buy rating, initiated by BMO Capital analyst, Matt Murphy.
Matt Murphy has given his Buy rating due to a combination of factors that highlight Newmont Mining’s potential for recovery and growth. After a challenging year, Newmont is focusing on stabilizing its core operations and achieving its guidance targets. The company possesses a strong asset portfolio, and successful execution in delivering results and clarifying its future outlook are expected to aid in its recovery. Murphy believes that investors currently have limited exposure to Newmont, suggesting an opportunity for growth.
Newmont’s growth prospects are supported by plans to increase production, with significant improvements expected at several key sites over the coming years. Additionally, Newmont has demonstrated strong capital returns, with substantial proceeds from asset sales and a commitment to shareholder returns through buybacks and dividends. The company’s current trading valuation is below its historical premium, indicating potential for a positive re-rating as market perceptions improve. These factors collectively underpin Murphy’s Buy rating for Newmont Mining.
In another report released on April 10, UBS also upgraded the stock to a Buy with a $60.00 price target.